Hi all,
Nifty is tumbling down after a smart post budget rally from 5660 to 5970.. However, it is tumbling down since past few days on weak global cues and profit booking at higher levels... SGX Nifty future is trading down by more than 40-45 points and trading near 5850 level (corresponding spot level near 5820-25)....
However I expect Nifty to take a support near 5790 levels which is the latest swing bottom on daily charts
.... But a failure to hold on 5790-85 levels could result in short term bias changing to downward with supports near 5700-5650...
Resistances on top would be near 5950-5980-6000.....
Cheers
Hrishi
Nifty is tumbling down after a smart post budget rally from 5660 to 5970.. However, it is tumbling down since past few days on weak global cues and profit booking at higher levels... SGX Nifty future is trading down by more than 40-45 points and trading near 5850 level (corresponding spot level near 5820-25)....
However I expect Nifty to take a support near 5790 levels which is the latest swing bottom on daily charts
.... But a failure to hold on 5790-85 levels could result in short term bias changing to downward with supports near 5700-5650...
Resistances on top would be near 5950-5980-6000.....
Cheers
Hrishi
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