The great Nifty roller-coaster ride! One day fall next day rise!
After opening with a nominal 15 points gain, Nifty jumped to gain more than 50 points at one point of time after RBI declared monetary policy and hiked rates just by 25 basis points (0.25%) as contrary to expected 50 or more basis points.
Although the end result was much on expected lines and punters booked a lot of profit before close.
Since Nifty has done most of the bounceback from recent lows its the time again for punters to make newsflow in either direction to make real direction for the market.
A close above 5260 will make things other way round and Nifty may show strength again. Below this level Nifty is still trading in a weak zone.
Above 5260 Nifty may face some hurdle at 5278 but this may easily be crossed by minor efforts by punters.
Although short term moving average is below longer term moving average which means that Nifty's future is still uncertain until the situation reverses.
Next 2 sessions will decide future course of action for Nifty.
| Important Nifty Levels for 21st April | ||
|---|---|---|
Nifty Pivot | 5234 | |
| Support | ||
| 5204 | 5184 | 5162 |
| Resistance | ||
| 5259 | 5278 | 5302 |
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