Even though it came as a bolt as the benchmark index opened with a gap down but the support of 8290, (mentioned in our weekly post) did hold on conclusive basis as the Nifty bounced back to 8329.45 before closing at 8318.4 which is a shade below the immediate resistance of 8336 for the next session. If the index manages to conquer the resistance with good volumes and stays above it for longer time, then we have hope for the bulls. Otherwise, the Nifty may again tailspin into another crash or at best consolidate but with a negative bias with the crucial support at 8246.
The traders may trade accordingly keeping in view the various points of resistance as mentioned in our weekly post.
The next session though is expected to be crucial for the immediate term.
Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.
No comments:
Post a Comment