Hi All,
Abhi to hum Zinda hai.....
Nifty tumbled down by more than 100 points
in the opening trades yesterday, however, thanks to a smart pull back from bulls
in the second half of the trading session, markets managed to close the day
with a loss of 65 points at 8140.
Early morning barometer, SGX Nifty is
trading up by almost 60 points, which suggests that Dalal Street will open with
a gap up near 8200 mark.
It has been seen quite clearly that after a
steep fall from 8300 levels to 8050 mark (which is also a 38.2% retracement of
the entire rally from 7715 to 8300) , bulls are managed to defend the levels
bravely after every downfall in past couple of days. On daily charts, Nifty has
been giving Buying Pressure candles after an initial fall (except for 10th
June) and has also taken support of the Supertrend near 8050...
Going forward, 8050 will act as a strong
support on a closing basis, and a close below that might continue the southward
journey of Nifty.. Whereas on the higher side 8220-8270-8300-8340 will act as
hurdles for Nifty.
The bias for the market as of now will be
wait and watch.... A sustained movement above 8220 can lead Nifty higher towards 8300-40 levels....
