NIFTY TODAY
Today nifty traded in a tight range and had a down closing. Nifty strongly resisted at 5293 levels. It tested the first SUP 5245 and managed to close above this level. Volume was average. FII’s were net buyers for 433.52 crores. DII’s again turned net sellers for 356.58 crores.. However, until FII’s are net buyers we need not fear about downtrend. I expected a breakout yesterday itself, but I was wrong! Technically a negative pattern had formed. Still, nifty stays above 50 – 20 EMA, which gives me a ray of hope for a breakout.
NIFTY TOMORROW
As FII’s were net buyers I am still bullish on the market. 5220 would be the crucial support to watch. As tomorrow will be the last trading day of this week, we may expect a trend change, I hope so. Tomorrow is the inflation day that may lead the market. Let’s see what happens.
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