Hi All,
As mentioned yesterday, after
breaching 7230 levels with disappointing volumes, Nifty could not sustain above
the levels and collapsed badly to end the day @ 7109.55.
Yesterday’s fall could be
attributed to a sharp rise in Volatility from the daily support area as
mentioned earlier, and now going forward, 7050-6990 and finally 6950 will act
as key supports.
On the higher side key
resistances will be near 7100-7120-7155-7180-7260
Any meaningful upside is only
possible above 7260 mark as mentioned yesterday.
Volatility is expected to be on
the higher side on account of monthly expiry tomorrow and key economic events
lined up next week.
The bias for Nifty going forward
will be sideways and traders are advised to take trades on either direction
only after proper confirmation on intraday charts.
Cheers
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