Nifty Watch:- Today Nifty opened at 5393 with a huge gap down of 159 points and touches its low at 5375. After that Nifty find some support from bullish and move up at 5504 with an increase of 129 points and finally closed at 5461 with a gain of 65 points to its day open.
Nifty remained in its large trading range (5400 to 5600). but trading at its lower end at 5400. This suggests that a breakdown below 5400 resumes the bear market.
Trend:- The short term trend is up. Below 5400 the short term trend will down. The Intermediate trend remains down. TA Insync (55-5) is has been in an uptrend. It is moving up at 32.37. Nifty is very near to its overbought level. This suggests that Nifty will move down very soon.
Level:- Looking for support first at 5500 and then at 5400 . Resistance comes at 5600.
Summary:- Nifty in a trading in a large trading range(5400-5600). Market is very choppy. We strongly advise investors to stay away the market.
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