Nifty faced resistance near yesterday's highs and slipped by 1 % off those levels. During the trade it even breached 6000 levels in last half an hour, however managed to close positive to end the session.
On daily and hourly charts it showed some negative signs as mentioned earlier, and in response corrected steeply.
Going forward the bias remains cautious to negative with areas to be watch out for as follows -
Supports - 5990-5960-5930-5900
Resistances - 6040-6070-6100
We continue our bias of having stock specific positions instead of entering Long in Nifty at current levels as there is no favorable risk reward and on the short side 5940-5900 will act as good supports, but if broken can mean a fresh downward trend for Nifty going forward, however we would take a call on Nifty at the particular time rather than predicting it right now.
Would like to re iterate that a correction in Nifty at this point of time can be a healthy sign going forward, 5940-5900-5850 are the levels to watch out for.
Warm Regards
Team ATC
On daily and hourly charts it showed some negative signs as mentioned earlier, and in response corrected steeply.
Going forward the bias remains cautious to negative with areas to be watch out for as follows -
Supports - 5990-5960-5930-5900
Resistances - 6040-6070-6100
We continue our bias of having stock specific positions instead of entering Long in Nifty at current levels as there is no favorable risk reward and on the short side 5940-5900 will act as good supports, but if broken can mean a fresh downward trend for Nifty going forward, however we would take a call on Nifty at the particular time rather than predicting it right now.
Would like to re iterate that a correction in Nifty at this point of time can be a healthy sign going forward, 5940-5900-5850 are the levels to watch out for.
Warm Regards
Team ATC
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