losing a percent at close. It opened weak and later oscillated in a
narrow range. Banking stocks along with ITC and Larsen led the
decline. Reliance was steady while Tisco rallied which helped in
cushioning the fall. Volumes were lower while the A/D ratio was
negative at 1:2.
Yesterday, the Nifty marginally breached the crucial intraday
support at 5066-5073 points. The Bulls failed to hit the asking rate
of 5161 points; for today it has shifted to 5130 points. Immediate
resistance is at 5213 points while the 38.2% retracement of the
recent rise from 4628 points (5015) is the support. A decisive breach
of it could see it drifting further testing the green trend line.
Intraday, crucial support in the Nifty is at 5032-5045 points. Pivot
is pegged at 5197 points which if sustained then next resistance is
at 5130 points. For the past couple of sessions the Bears are
tightening their grip as the Bulls take a breather. The onus is on
the Bulls to come out of this situation. Markets are likely to remain
swinging and volatile.
NIFTY Intra Week
Volatility 283 pts
S1 5153.68
S2 5006.56
R1 5324.98
R2 5412.77
0 comments:
Post a Comment