NIFTY IS NOW HANGING AROUND A SUPPORT AREA OF 5630 AND SEEMS TO BE TAKING BREATH. THOUGH THE TREND IS DOWN AND BELOW 5630 THE NEXT MAJOR SUPPORT IS AROUND 5545. WITH MAJORITY OF THE INDEX CONSTITUENTS TRADING AROUND THEIR CRUCIAL SUPPORTS AND LOOKING AT MINOR NEGATIVE DIVERGENCE OF RSI ON WEEKLY CHART NIFTY MAY WITNESS SOME BOUNCE BACK FROM CURRENT LEVELS. HOWEVER FOR NIFTY TO GAIN STRENGTH 5720 MUST BE BREACHED ON CLOSING BASIS. CONSECUTIVE CLOSES ABOVE 5745 WE THINK ARE NECESSARY FOR THE SUSTAINED RALLY.
COUPLE OF SESSIONS AFTER THIS EXPIRY WILL HELP TO FORM A CLEAR VIEW. AT THIS JUNCTURE TRADERS MUST AVOID TRADING AND ENJOY VACATION. :)
No comments:
Post a Comment