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MTECHTIPS:-NIFTY
Nifty opened the day with small gains and the index could not hold on to the early gains. The markets dipped after early gains and closed with losses.Nifty has made a low of 4868 and there is good support for market
around levels of 4850, holding which 5050 & 5100 on higher side becomes possible. Nifty has consistently made lower highs and lower lows for the 9th day in succession, now previous day high has to be breached for any short covering move, failing which selling pressure would be high. Nifty’s 200 WMA is at 4819 and if Nifty goes below the psychological 4820 levels, 4500 would soon become possible. Today if nifty holds 4850 and crosses 4960 then short covering is possible till 5050 & 5100.
Nifty opened the day with small gains and the index could not hold on to the early gains. The markets dipped after early gains and closed with losses.Nifty has made a low of 4868 and there is good support for market
around levels of 4850, holding which 5050 & 5100 on higher side becomes possible. Nifty has consistently made lower highs and lower lows for the 9th day in succession, now previous day high has to be breached for any short covering move, failing which selling pressure would be high. Nifty’s 200 WMA is at 4819 and if Nifty goes below the psychological 4820 levels, 4500 would soon become possible. Today if nifty holds 4850 and crosses 4960 then short covering is possible till 5050 & 5100.
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