Indian benchmark indices ended the session lower backed by dim hopes of any ease in interest rates by the RBI. The 50‐share NSE Nifty closed below the 5400 level for
the first time this week, weighed down by weak Global cues after doubts over Greece's future in the Eurozone and fading hopes of stimulus in the US. The NSE's Nifty fell
28.65 points to close at 5,386.70 ahead of F&O expiry week, after hitting an intraday low of 5,371. As mentioned in our previous reports, Nifty has multiple resistances
between 5,450‐5,500 trajectory. On daily charts, Nifty failed to stage upside breakout from the key resistance zone, as a result market reacted downwards from those
levels. Nifty has formed a small bearish candle and has broken below its supporting trendline, signaling a short‐term reversal or it may at least slowdown the pace of
up move in the coming sessions if prices weaken and close below 5,350 bears would take control of the market. However, Nifty manages to hold 5,380‐5,350 levels. The
index has immediate support in the range of 5,350‐5,380 any selling pressure would intensify only below 5,350.
Trading strategy would to buy near support and to sell
around 5,420 if benchmark resist. First resistance for the Nifty is 5,401 and next resistance 5,415 and first support for the Nifty is 5,372 and next support at 5,357.
*** PLS TRADE AT YOUR OWN RISK ANS LIABILITY READ DISCLAIMER
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