Nifty Watch:- The Nifty opened at 5460 near Friday's close. The Index remained choppy for first half of the day and touched its day low at 5411. In the last 90 minutes of trading, a dramatic upsurge started, with the index quickly making a high at 5539 - a gain of 128 points from its day low and finally closed at 5529 with an increase of 69 points from the day's open.
Today’s market increase gives a second chance to the investors and traders to sell and exit from trapped buy positions. Investors and traders should not rush in, but wait for the dips to buy.
Trend:- The short term trend remains up. The Intermediate trend remains down, with the Nifty trading below its 200 days and 50 days moving average but both are coming closer.
TA Insync(55-5) is now above the level of -45 and still moving up. This indicator is suggesting upside momentum.
Level:- Looking for support at 5450, then 5350. Major resistance comes at 5600.
Summary:- The choppyness of market will remain for few more days due to pre budget session. Traders and investors should look for the dips only to buy and they should not take more risk. Keep volume light.
No comments:
Post a Comment