After opening weak, Nifty staged a strong comeback and gained more than 1% from its intraday low and closed by gaining more than 0.8% on closing basis.
The fears of rate hike by RBI were sidelined by traders and it seems like that a lot has already been discounted in it.
There are some key levels to watch out for.
Nifty may turn negative biased if moves below 5731 and also do not holds 5719 level.
If RBI do not throw many surprises then we may see some bounce back and in that case Nifty may run higher.
Nifty respected 200 DMA currently at 5661 and if a closing below the same is seen than we are in serious trouble.
Above 5796 level Nifty will find positive upmove and closing above it will put Nifty back in the bulls hands for higher levels.
In the absence of negative news Nifty must test 5850 level as next hurdle.
Nifty Pivot 5731
Support 5719-5690
Resistance 5768-5796
Posts
0 comments:
Post a Comment