Indian indices ended marginally higher at 5347.90, up by 27.50 points or 0.52%, market opened on the cautious note following the warnings from Fitch for a possible
downgrade of India's credit rating and lack of positive cues from Asian peers. However, Market gained momentum in late trading hours after value buying in index
heavy weights. Nifty has formed a big Bullish candle on daily charts closing almost at the high of the day, index holding its supporting trend line indicating that short
term uptrend is still intact and Nifty finds buying support at lower levels. However, Nifty closed at tab below it major resistance zone of 5,360‐5,380. In the coming
session, sustaining above the 5,380 mark will see follow up buying towards 5420‐5460. Failure to make headway above 5,360‐5,380 will see the index react lower
towards the support placed around 5300.
Trading strategy would be to Sell if market resist at 5,390 and Buy if support at 5,330. First resistance for the Nifty is 5,363 and next resistance 5,378 and first support for the Nifty is 5,321 and next support at 5,293.
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