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MTECHTIPS:-NIFTY
Nifty opened the session positive and the index witnessed a gradual up move yesterday as the traders were seen initiating new long positions. The Nifty closed the session with strong gains, and managed to trade strongly above the 5800 levels and closed around the day’s highs.Nifty after making high of 5815 profit booking started before flash crash where 4888.2 was seen. Normally there is a belief that flash price made during market hours would come in weeks are months a ahead but one should not worry till 5600 on closing basis is not seen. Nifty today to be positive has to trade comfortably above 5775 for 5850 while below 5720 weakness would be very high where 5640 is very important support. Nifty still can target 5960 or 6100 if 5600 is not breached within the coming week. Correction is part of market and when it happens it would be very fast & swift and normally it should take majority by surprise. Time wise major time line also comes around October 11 after which we would advise caution as the results season also starts with INFY on October 12th.
Nifty opened the session positive and the index witnessed a gradual up move yesterday as the traders were seen initiating new long positions. The Nifty closed the session with strong gains, and managed to trade strongly above the 5800 levels and closed around the day’s highs.Nifty after making high of 5815 profit booking started before flash crash where 4888.2 was seen. Normally there is a belief that flash price made during market hours would come in weeks are months a ahead but one should not worry till 5600 on closing basis is not seen. Nifty today to be positive has to trade comfortably above 5775 for 5850 while below 5720 weakness would be very high where 5640 is very important support. Nifty still can target 5960 or 6100 if 5600 is not breached within the coming week. Correction is part of market and when it happens it would be very fast & swift and normally it should take majority by surprise. Time wise major time line also comes around October 11 after which we would advise caution as the results season also starts with INFY on October 12th.
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