Hi All,
As discussed in yesterdays update, Nifty faced a huge supply near 8320-8360 area, and is down by around 130 points from yesterday's high of 8332.7...
Those who went short yesterday can book profits now and wait to re-enter the markets.
Now ray of hopes for bulls are 8200-8170-8150-8120 & last but not the least... 8000-7950...
To my expectation Nifty, if has to continue the uptrend should take support near 8200-8160..... and bounce back from hereon.....
CMP 8210.... Any further upside is only possible if Nifty takes out 8360 comfortably... If not, even 8000 may be at risk....
Cheers
Hrishi
As discussed in yesterdays update, Nifty faced a huge supply near 8320-8360 area, and is down by around 130 points from yesterday's high of 8332.7...
Those who went short yesterday can book profits now and wait to re-enter the markets.
Now ray of hopes for bulls are 8200-8170-8150-8120 & last but not the least... 8000-7950...
To my expectation Nifty, if has to continue the uptrend should take support near 8200-8160..... and bounce back from hereon.....
DATA TO WATCH (Post market today, so may impact tomorrow)
CPI (YoY) (Apr) Forecast 4.90% Previous 5.17%
Cumulative Industrial Production (Mar) 2.80%
Industrial Production (YoY) (Mar) Forecast 2.8%
Previous 5.0%CMP 8210.... Any further upside is only possible if Nifty takes out 8360 comfortably... If not, even 8000 may be at risk....
Cheers
Hrishi
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