But it failed near the peak and breached previous day low and then again bounced back to touch a high of 4913 and finally settled at 4867 which was merely 14 points higher than Wednesday's close.
Similar movements were seen in Bank-Nifty index.
Nifty managed to close with minor gains but most of it is attributed to short covering rather then some value buying at lower levels.
Although bottom fishing must be done at lower levels since market is not going to crash and someone someday must find the valuations attractive after some steep correction.
We advise investors with medium term outlook to buy on blue chip stocks on every dip till 4773 and 4635 levels of Nifty as and when opportunity arises.
Today if Nifty trade weak then it may find support near Thursday's low of 4823.
Very strong support is arising near 4773 level of Nifty and if this level is touched today or in coming days then some bounce-back must happen at least once for that time.
Market is continuously failed to sustain at higher levels signifying inherent weakness and hence gates are open for lower levels
We expect that Nifty may experience further weakness and may test 4635 and 4531 levels until some good news comes from International front and local front.
Although there is word of caution here:
One more closing in the green by Nifty may end current wave of weakness and Nifty may retrace to higher levels of 4943 and 5006.
Similar retracement levels for Bank-Nifty are 8507 and 8637.
| Important Nifty Levels for 29th Jan | ||
|---|---|---|
Nifty Pivot | 4875 | |
| Support | ||
| 4823 | 4803 | 4773 |
| Resistance | ||
| 4891 | 4906 | 4942 |
| Important Bank-Nifty Levels for 29th Jan | ||
|---|---|---|
Nifty Pivot | 8428 | |
| Support | ||
| 8396 | 8350 | 8304 |
| Resistance | ||
| 8365 | 8409 | 8433 |
Posts
0 comments:
Post a Comment