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MTECHTIPS:-NIFTY
The Nifty opened negative tracking weak global cues, and the markets witnessed a choppy trading session, and the markets continued their southward journey on the second day in succession.Today Nifty is expected to open with losses on the back of weak global cues. Nifty ended weak but has made higher high and higher low compared with previous day, so if 5240 is held then 5280 & 5320 on higher side could be possible. However on the flip side if nifty fails to hold the pivot levels and falls below 5170 then selling pressure would take center stage and levels of 5140 & 5120 are also possible. We maintain a cautious view as the gap down caused due to the island reversal caused 19 trading sessions ago is still not filled and the descending triangle is also intact which is a major issue of concern. The rupee has been on the weaker side making new 52 week lows, and holding below the 53 levels is a weak signal and may have negative impact on the markets.
The Nifty opened negative tracking weak global cues, and the markets witnessed a choppy trading session, and the markets continued their southward journey on the second day in succession.Today Nifty is expected to open with losses on the back of weak global cues. Nifty ended weak but has made higher high and higher low compared with previous day, so if 5240 is held then 5280 & 5320 on higher side could be possible. However on the flip side if nifty fails to hold the pivot levels and falls below 5170 then selling pressure would take center stage and levels of 5140 & 5120 are also possible. We maintain a cautious view as the gap down caused due to the island reversal caused 19 trading sessions ago is still not filled and the descending triangle is also intact which is a major issue of concern. The rupee has been on the weaker side making new 52 week lows, and holding below the 53 levels is a weak signal and may have negative impact on the markets.
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