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MTECHTIPS:-NIFTY
Nifty gave a positive opening yesterday and in a very volatile session dipped in the afternoon trades to close the day with small gains. The markets reacted to the European markets weak opening, but managed to close with modest gains.Nifty after 10days reversed and made higher high and higher low, but failed to hold higher levels and the rally fizzled out with big upper shadow being formed. Today if Nifty fails to cross 4885 & 4920 then major correction which would lead nifty below 4750 soon is possible. Nifty holding above 4885 then 4920 & 4980 are levels on higher side and today if markets hold higher some short covering rally is possible with 200WMA 4818 holding well while 200DMA 5088 would act as major resistance in any rally. If nifty trades weak around the 4800 levels, then 4500 would probably become possible, as mentioned earlier. FII favorite Banking Major SBIN is due to come out with its results today, thus the market is expected to remain choppy.
Nifty gave a positive opening yesterday and in a very volatile session dipped in the afternoon trades to close the day with small gains. The markets reacted to the European markets weak opening, but managed to close with modest gains.Nifty after 10days reversed and made higher high and higher low, but failed to hold higher levels and the rally fizzled out with big upper shadow being formed. Today if Nifty fails to cross 4885 & 4920 then major correction which would lead nifty below 4750 soon is possible. Nifty holding above 4885 then 4920 & 4980 are levels on higher side and today if markets hold higher some short covering rally is possible with 200WMA 4818 holding well while 200DMA 5088 would act as major resistance in any rally. If nifty trades weak around the 4800 levels, then 4500 would probably become possible, as mentioned earlier. FII favorite Banking Major SBIN is due to come out with its results today, thus the market is expected to remain choppy.
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