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MTECHTIPS:-NIFTY
Nifty gave a gap down opening yesterday and failed to give any pull back. The indices closed the day with heavy losses with selling seen in almost all sectors.Nifty has made a low of 4837 breaking important 4850 support now next is 4750. Nifty has to cross 4885 to force shorts to cover position if that happens 4960 on higher side is possible. Nifty has consistently made lower highs and lower lows for the 10th day in succession, Nifty’s 200 WMA is at 4818 and if Nifty goes below the psychological 4800 levels the market will actually get into a state of panic and a huge round of selling may come through taking the nifty to immediate levels of 4750 & 4700 If nifty trades weak around the 4800 levels, then 4500 would probably become possible. The rupee dipped to its all time-low of 54.52 to a dollar in trade now 56 becomes possible. Announcement of re-election in Greece raised concerns that the bailout deal might be in jeopardy.
Nifty gave a gap down opening yesterday and failed to give any pull back. The indices closed the day with heavy losses with selling seen in almost all sectors.Nifty has made a low of 4837 breaking important 4850 support now next is 4750. Nifty has to cross 4885 to force shorts to cover position if that happens 4960 on higher side is possible. Nifty has consistently made lower highs and lower lows for the 10th day in succession, Nifty’s 200 WMA is at 4818 and if Nifty goes below the psychological 4800 levels the market will actually get into a state of panic and a huge round of selling may come through taking the nifty to immediate levels of 4750 & 4700 If nifty trades weak around the 4800 levels, then 4500 would probably become possible. The rupee dipped to its all time-low of 54.52 to a dollar in trade now 56 becomes possible. Announcement of re-election in Greece raised concerns that the bailout deal might be in jeopardy.
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