NIFTY TODAY
Today nifty traded in wide range with negative bias and covered entire profit that it had made in the past 5 trading sessions. Volume was good. FII’s were net sellers for 131.13 crores. DII’s were net buyers for 324.1 crores. Market breath was negative with 10 advances and 40 declines. Up to 1.30 pm nifty traded in side ways and nicely corrected. Technically nifty was below 20 EMA.
NIFTY TOMORROW
From April 20 – April 26 nifty had moved up from 5208 – 5322 with gain of 114 points. April 27 and April 28 it came down from 5322 – 5215 losing 107 points. To my knowledge I observe a head shoulder pattern in the nifty price chart and its neckline around 5205 levels. This 5205 level would be crucial level to be watched for tomorrow trade. Would nifty broke this level and trades below this level, we may see huge selling pressure and wide range trade as we saw today, else we may see a pull back rally up to 5275levels. As tomorrow is expiry day and today volume increased with price decline, trading with stop loss and booking profits now and then is advised. Let’s see what happens.
NIFTY TIPS
BUY ABOVE 5225 T1 – 5255, T2 – 5275, T3 – 5303 STOPLOSS – 5213
SELL BELOW 5203 T1 – 5177, T2 – 5158, T3 – 5132, STOPLOS – 5215
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