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MTECHTIPS:- NIFTY
Nifty gave a negative opening yesterday as the index dipped on sustained selling pressure and weak global cues. The index dipped below the 5650 levels and closed with losses, as investors looked to exit longs, and aggressive traders were seen building new short positions in the index.Nifty has continued to drift lower making lower high and lower low and till 5690 is not crossed on higher side selling pressure may continue. Nifty gave a major break-out above 5629 and if that level is breached on downside then traders who have brought on breakout would come to sell, So Nifty below 5600 has a chance to correct back to 5215 so caution is advised below 5600 only. Today Nifty to be positive should hold above 5650 and cross 5690 to target 5760 & 5815 while below 5650 then 5580 & 5535 would be levels to watch.Today we have IIP data and Friday all important INFY result which would come before market start, which can keep market highly volatile.
Nifty gave a negative opening yesterday as the index dipped on sustained selling pressure and weak global cues. The index dipped below the 5650 levels and closed with losses, as investors looked to exit longs, and aggressive traders were seen building new short positions in the index.Nifty has continued to drift lower making lower high and lower low and till 5690 is not crossed on higher side selling pressure may continue. Nifty gave a major break-out above 5629 and if that level is breached on downside then traders who have brought on breakout would come to sell, So Nifty below 5600 has a chance to correct back to 5215 so caution is advised below 5600 only. Today Nifty to be positive should hold above 5650 and cross 5690 to target 5760 & 5815 while below 5650 then 5580 & 5535 would be levels to watch.Today we have IIP data and Friday all important INFY result which would come before market start, which can keep market highly volatile.
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