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MTECHTIPS:-NIFTY
Nifty gave a negative opening on Friday and the dipped sharply as traders looked to exit long positions and new shorts were seen in the Nifty as it failed to hold on to crucial supports. The index closed around the day’s lows to cap a negative week.Nifty failed to hold onto the crucial 4900 levels and closed below 4850 after 4 days of straight losses. Now the next level to watch out for is 4780. If this level is breached then selling pressure would drag the index lower towards 4650 and 4600 levels. Our target for the negative island reversal caused about 2 months ago is still intact at 4500. However on the flip side if Nifty holds onto 4824 which is 200WMA and crosses 4870 only then an up move towards 4920-4985 would be possible. The rupee strengthened on Friday on the back of dollar sales by corporate but it still posted a ninth consecutive weekly drop, its worst losing streak since the Lehman crisis.
Nifty gave a negative opening on Friday and the dipped sharply as traders looked to exit long positions and new shorts were seen in the Nifty as it failed to hold on to crucial supports. The index closed around the day’s lows to cap a negative week.Nifty failed to hold onto the crucial 4900 levels and closed below 4850 after 4 days of straight losses. Now the next level to watch out for is 4780. If this level is breached then selling pressure would drag the index lower towards 4650 and 4600 levels. Our target for the negative island reversal caused about 2 months ago is still intact at 4500. However on the flip side if Nifty holds onto 4824 which is 200WMA and crosses 4870 only then an up move towards 4920-4985 would be possible. The rupee strengthened on Friday on the back of dollar sales by corporate but it still posted a ninth consecutive weekly drop, its worst losing streak since the Lehman crisis.
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