further damage. Repeated attempts in the afternoon failed to break
the days low as a result of which intraday short covering was seen
in the end. The CGS sector recovered from the low and with ONGC
and banking stocks leading the counter-attack; all the intraday
losses got wiped off at last trade. Volumes were lower and the A/D
ratio was marginally positive.
Yesterday, resistance line in pink acted as support. Today it is
pegged at 4267 points. Some support is seen around the 50%
retracement of the rise from 3790-4649 points. The Bears need to
decisively break 4198-4220 points’ area for fresh downswing.
Resistance in rallies is at 4445 and 4529 points.
Intraday, pivot in the Nifty is pegged at 4356 points. If it sustains
above it then resistance in rallies is at 4408 and 4445 points. The
Bears need to break below 4276 points to negate the pullback.
Immediate support is at 4315 points. The Bears will again apply
their might in the coming days hence be careful and keep on taking
profits in long at regular intervals.
NIFTY Intra Week
Volatility 265 pts
S1 4234.50
S2 4141.55
R1 4433.90
R2 4540.40
Voltas
0 comments:
Post a Comment