The Nifty seems to be in an intermediate bull run although the overall pattern is still bearish. The immediate support for today is at 5442 and as long as Nifty trades above this key level, it will continue to trade with a positive bias with immediate resistance at 5507, 5543 and 5563. The ultimate resistance of 5563 is a key level to watch as if the benchmark index conquers this level then we might see a change in trend and the Nifty will turn bullish once again.
On the flip side the supports are at 5406 and 5339.
The followers of this blog are advised to stay away from the market as this being a triple witching week, choppiness can not be ruled out.
Mid-term traders may however build contrary positions in the September series of F&O i.e. go long on drops and go short on spikes.
The mid-term investors might have seen how HCL tech which we had been recommending for quite some time gained on Friday with a mighty jump upwards.
No comments:
Post a Comment