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MTECHTIPS:-NIFTY
The Nifty opened flat to weak tracking weak global cues, and the markets witnessed heavy short selling as the indices dipped sharply to close the day with losses.Today Nifty is expected to open with small losses on the back of mixed global cues. Nifty has closed lowest in 75trading days making lower low and lower high for 4th day in succession, Nifty has closed below 200DMA 5112 for 3rdday which is considered very negative for markets. Today if Nifty fails to cross 5050 then selling pressure would continue and breaking 4983 then 4900 & 4860 is possible, and our 1st target of Negative Island reversal of 4800 would also become possible and 2nd Target for Negative island reversal would be 4500. Nifty's correction till 4800 or 4750 should be considered a healthy correction, but below these levels things could turn very bad, Normally the month of May has been negative in even years in Indian market. Nifty to be in a positive trend should close above 5130 for 2-3 trading days.
The Nifty opened flat to weak tracking weak global cues, and the markets witnessed heavy short selling as the indices dipped sharply to close the day with losses.Today Nifty is expected to open with small losses on the back of mixed global cues. Nifty has closed lowest in 75trading days making lower low and lower high for 4th day in succession, Nifty has closed below 200DMA 5112 for 3rdday which is considered very negative for markets. Today if Nifty fails to cross 5050 then selling pressure would continue and breaking 4983 then 4900 & 4860 is possible, and our 1st target of Negative Island reversal of 4800 would also become possible and 2nd Target for Negative island reversal would be 4500. Nifty's correction till 4800 or 4750 should be considered a healthy correction, but below these levels things could turn very bad, Normally the month of May has been negative in even years in Indian market. Nifty to be in a positive trend should close above 5130 for 2-3 trading days.
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