MTECHTIPS:-NIFTY
Nifty gave a flat opening with positive bias taking cues from the world markets, the indices witnessed a range bound trading session, as the index traded in a small range with positive bias. The markets witnessed some selling at the end to close the day with small gains around the 5400 levels, indicating strength at lower levels.Nifty has held 5400 for 3rd day and now Nifty could move towards 5480 & 5540 in time to come if 5380 is not breached on downside. Today if Nifty holds 5400 on a closing basis then some positive build up of long positions would be seen towards 5480-5500 too with just 5trading days for derivative settlement. On the flip side if Nifty goes below 5390 then selling pressure would drag the markets towards 5350 & 5320 on lower side. Another important thing to notice is that nifty has made a higher high but it has also made a low which is has disturbed traders so if we sustain above 5440 then expect huge short covering towards close.
Nifty gave a flat opening with positive bias taking cues from the world markets, the indices witnessed a range bound trading session, as the index traded in a small range with positive bias. The markets witnessed some selling at the end to close the day with small gains around the 5400 levels, indicating strength at lower levels.Nifty has held 5400 for 3rd day and now Nifty could move towards 5480 & 5540 in time to come if 5380 is not breached on downside. Today if Nifty holds 5400 on a closing basis then some positive build up of long positions would be seen towards 5480-5500 too with just 5trading days for derivative settlement. On the flip side if Nifty goes below 5390 then selling pressure would drag the markets towards 5350 & 5320 on lower side. Another important thing to notice is that nifty has made a higher high but it has also made a low which is has disturbed traders so if we sustain above 5440 then expect huge short covering towards close.
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