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MTECHTIPS:-NIFTY
The Nifty opened positive tracking firm global cues, and the markets witnessed profit taking at higher levels, and the nifty closed with small losses.Today Nifty is expected to open with small losses on the back of weak global cues. Nifty ended flat but has made higher high and higher low compared with previous day, so if 5226 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 5225 then selling pressure would take center stage and levels of 5190 & 5140 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 breached a major resistance level to fall below the 53 mark for the first time this year in intra-day trade on Wednesday.
The Nifty opened positive tracking firm global cues, and the markets witnessed profit taking at higher levels, and the nifty closed with small losses.Today Nifty is expected to open with small losses on the back of weak global cues. Nifty ended flat but has made higher high and higher low compared with previous day, so if 5226 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 5225 then selling pressure would take center stage and levels of 5190 & 5140 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 breached a major resistance level to fall below the 53 mark for the first time this year in intra-day trade on Wednesday.
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