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Nifty - Volatile Within 5200-5300

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  1. #1
    insight95in
    insight95in is offline eTI Member

    Nifty - Volatile Within 5200-5300

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    The Nifty lost 57 points over the day to close at 5205. On
    account of the newsflow late last Friday the markets opened gapdown
    yesterday and attempted a recovery in the first half that
    was short-lived leading to weakness in the second half. In the
    recent past we have seen that every time the Nifty has
    approached the 5270-5300 zone selling pressure has been seen.
    We have ourselves been pointing out that the indices are likely to
    correct from around the Jan ’10 highs before a new breakout is
    witnessed. Technically, the trading action yesterday was healthy
    as it helped the daily indicators in moving away from highly
    overbought zones. However the oscillator studies have a sell
    trigger along with divergence that could lead to some more
    pullback in the near term. The immediate support to be watched
    on the indices stand at 17250/5160 where we shall look for fresh
    bullish triggers. A 38% retracement of the recent rally takes the
    Nifty down to the 5090-5100 support zone, which looks like the
    worst-case possibility. Overall, the index is likely to stay volatile
    within the 5200-5300 zone.

  2. #2
    rcmbusiness
    rcmbusiness is offline eTI Member

    Re: Nifty - Volatile Within 5200-5300

    Wow! this is valid insight by you :0

    Would love to keep following your updated articles as making mind to assist my better half in day 2 day trading with Stock holding co ac opened with rs.400 and cheque deposit of rs.10k - but now need to start, so your insight could be of great assistance.

    Looking forward to tips and checks on day to day trading for a sound start.

  3. #3
    priya0710
    priya0710 is offline eTI Iron
    Nifty opened as well as closed on a positive note in yesterday's market. It closed at 8939.50(+12.60), up by 12.60 points then its previous close.

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