YESTERDAY CALL
As I said nifty touched the first two support level and also hit the resistant level too. I told to sell only below 4440 level and nifty corrected as I expected.
MARKET VIEW FOR TODAY
Nifty today closed just below the resistant level 4008 but I didn’t expect nifty would reach 4551 level and it had happened. As I already told that if BHEL result disappoints market then nifty would correct and that had happened. Today volume had increased and price decreased which is bearish symptom. Let’s see what happens tomorrow.
MARKET VIEW FOR THURSDAY
Nifty reached 4550 levels and closed below 4400 level which shows that market players are in selling mood. In addition, out money put option 4600’s open interest had increased and in money call option 4300’s open interest had decreased, this clearly reflects the selling pressure that had created in the market. To my knowledge, tomorrow too I expect selling pressure at higher levels but as past two days nifty had corrected hardly 200 points I feel tomorrow nifty may trade in tight range possibly, negative.
NIFTY LEVEL
Technically in the price chart a bearish pattern had formed and I suggest selling for tomorrow. Tomorrow inflation data is to come which would give direction for tomorrow trade. I feel nifty would trade in tight range. I suggest visitors to stick to levels and trade accordingly. Below 4375 we can sell nifty for a target of 4290 with a strict stop loss 4440.
SUP: 4375, 4340, 4291, and 4240. RES: 4440. STOP LOSS: 4440.
Thanks for visiting!