Although the Nifty did break the 5798 resistance in the Friday session, which was crucial for the day, yet the technical charts are not emitting signals of a change in the immediate bearish trend. Today's trades will be crucial in deciding the current trend all depending on which side of 5789 mark the Nifty trades.
If the benchmark index trades above the 5789 level consistently with good volumes then a bout of short covering as well fresh longs will see the Nifty go up north with resistances at 5862, 5919 and 5962 and turn bullish once again with 6020 as the immediate target.
On the other hand if it trades below 5789 then it may find minor supports at 5758 and 5735 which if breached will establish its down slide towards the very crucial support of 5558.
Intra-day traders are advised to trade on the basis of which side of 5789 mark the Nifty trades and go long or short accordingly.
The mid term investors may continue to bid for key index stocks at the prices specified in earlier posts.
No comments:
Post a Comment