Hi All,
After reacting to the 8000-7950
levels, Markets faced resistance near a crucial level of 8130-8170-75.
After yesterday’s key
announcement by FED, there are no fresh triggers in markets hence it is
expected to trade very cautiously with resistances being near 8160-8175-8200.
Short term bias which changed
near the bottom of 8k, will continue to flourish if Nifty surpasses 8160-75,
and on a successful breakout of 8200 one can think of midterm targets of
8500-8800
On the lower side however,
8040-8000-7940 are key supports a break of which can take Nifty to 7800-7700-7500,
which may be called as a correction bottom for the entire up move.
Bulls and bears are really fighting it hard for past few weeks now and therefore its a wait n watch scenario to check who eliminates the other....
Cheers
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