Nifty Watch:- Today Nifty opened at 5592 with a gap up of 48 points. Nifty quickly made its day high at 5611 with a gain of 19 points to its day open and then it face decline and touches its day low at 5517 with a decrease of 94 points to its day high. At the end Nifty move up and closed at 5548 with a decrease of 44 points to its day open. We are in a process of consolidation. A breakout at 5700 may end this consolidation. So traders should watch patiently.
Trend:- The short term trend is up. The Intermediate trend remains down, with the Nifty trading below its 200 days and 50 days moving average. These averages cut each other at 5653. This could be a huge resistance for the nifty. TA Insync(55-5) is above the level of -45 and moving up. This indicator is suggesting that nifty may move up also.
Level:- Looking for support at 5450 . Resistance comes at 5700.
Summary:- In last three days Nifty closed between 5545 to 5555. This suggest that Nifty is in a process of consolidation. A breakout at 5700 or a breakdown at 5450 may end this consolidation. So investor and traders should watch these levels also.
No comments:
Post a Comment