volumes. It oscillated within the intraday levels of 4373 and 4280
points. On opening flat it languished for major portion of the day.
Failing to cross the required 4373 points, the Bears took charge in
the last hour. Free fall in the Banking and CGS sector led the down
slide and with Oil & Gas joining the Bulls had no choice but to give
up in the end. Support from Infosys went in vain as the Indices
closed a percent lower. The A/D ratio was negative at 1:1.5.
The Bears are defending their level at 4430-4445 points. Now the
onus is on the Bulls to hold 4220-4240 points’ area. A decisive
breakout from this range should give a trending move. A breach of
the recent low at 4158 points would push the Bulls on a back foot.
Resistance in rallies is at 4529 points.
Intraday, crucial support is at 4270-4245-4223 points. Pivot at 4313
points needs to be sustained for any upside. Resistance is pegged at
4343 and 4375-4387 points. Unless the 4353 points is not crossed
decisively, the Bears are safe. With August F & O expiry today and
inflation figures a concern, caution is advocated.
NIFTY Intra Week
Volatility 265 pts
S1 4234.50
S2 4141.55
R1 4433.90
R2 4540.40
0 comments:
Post a Comment