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MTECHTIPS:-NIFTY
Nifty opened the session positive and the index witnessed a sideways session yesterday as the traders were seen booking profits at higher levels. The Nifty closed the session with small gains, and managed to trade well above the 5700 levels and closed with gains well above this mark.Nifty has made an "Inside day" candlestick pattern on daily charts, where high & low was within previous day candle which indicates the indecisiveness in the markets. Therefore today if follow-up continues then Nifty would be in strength only above 5750 while below 5660, the short term downtrend could continue which would result in a correction. Today Nifty has to cross 5730 and hold 5675 to make an up move towards 5820-5850. Failing to hold these levels would take the index to lower levels like 5660-5500 in the days to come.
Nifty opened the session positive and the index witnessed a sideways session yesterday as the traders were seen booking profits at higher levels. The Nifty closed the session with small gains, and managed to trade well above the 5700 levels and closed with gains well above this mark.Nifty has made an "Inside day" candlestick pattern on daily charts, where high & low was within previous day candle which indicates the indecisiveness in the markets. Therefore today if follow-up continues then Nifty would be in strength only above 5750 while below 5660, the short term downtrend could continue which would result in a correction. Today Nifty has to cross 5730 and hold 5675 to make an up move towards 5820-5850. Failing to hold these levels would take the index to lower levels like 5660-5500 in the days to come.
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