Nifty (CMP: 6115.35) - The
action formed a strong bullish candle with decent volume which indicates bulls
on the cards. Technically, Nifty has tested 61.8% retracement level (6121) of
last falling leg and closed below that retracement level which signifies 6121
is crucial resistance level. If the resistance level of 6121 breaks, it’s
likely to move towards 6160 – 6170 zone which is falling trend line resistance
level. Once index will test those levels, then the index could fall towards 6020
– 5970 – 5900 levels. The daily oscillators are placed in neutral,
but the hourly oscillator’s has given positive crossover which indicates minor
bounce back can be seen in intra-day.
Overall, unless
violation of 6215, trend remains down. Fresh traders can sell on rise at
6160 – 6170 zone (or) Sell at CMP for the target of 6020 – 5970. Short traders
can keep the stop loss 6225 (closing basis) and hold.
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