NIFTY TODAY
Today too nifty traded in a tight range and closed in positive bias. Nifty broke the resistant and support of the day and not able to sustain above or below these levels. In the first one hour trade, in nifty price chart, I observed a head and shoulders pattern and 5375 acted as its neckline. Furthermore, next couple of hours a rounding top had formed. Both are bearish patterns. Market breath was neutral with 26 advances and 24 declines. Volume had increased compared to previous day. FII’s were net buyers for 338.78 crores and again DII’s were turned net sellers for 23.43 crores. Technically an indecisive pattern had formed in the price chart.
NIFTY TOMORROW
For tomorrow trade 5375 levels should be watched carefully. This 5375 level acted as a good support for the first half of the day and then acted as a strong resistant for the second half of the day.
Last week nifty had been trading in the 5200 – 5300 levels. From the beginning of this week nifty had been trading in 5300 to 5400 levels. So the trading range had been elevated from 5200 – 5300 to 5300 – 5400 plane. As there is absence of any strong positive or negative cues in the domestic front, both bulls and bears are not ready to give up. Would any positive or negative news may push nifty to 5600 levels or to 5100 levels.
In my perspective, as the market breath was neutral and the way nifty behaved today, only I would be bullish, would nifty able to sustain above 5383 levels with good volume. Tomorrow too I expect a tight trading range.
NIFTY LEVELS
BUY ABOVE 5383 T1 – 5427, T2 – 5463, T3 – 5483. SL – 5368.
SELL BELOW 5355 T1 – 5301, T2 – 5280, T3 – 5245. SL – 5368
Pls visit http://subhastories.blogspot.com
Thanks for visiting!