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India Equity Research Reports, IPO and Stock News
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Watch Nifty
Ø Profit booking and weak global cues helped to close NIFTY below its pschological level of 5100 with formation of ‘Black Marubozu’ candlestick pattern. It is an extremely strong bearish candlestick pattern and also this indicates continuation of the downtrend or a final sell off attempt before the bulls regain control. So traders are advised to trade cautiously as breakout of 5020 would invite fresh selling pressure and then 4905/4870 is possible. On the other hand, 5120/5130 is acting as an intraday key resistance level for NIFTY. If it moves above 5130, it could test at 5160 or even 5216 levels.
Ø The ceiling of the downward price channel formed on weekly chart at 5290 will act as a strong short term hurdle and move above this level is needed before traders can initiate fresh long positions. Failure to move above this level will keep the index moving in the band between 4900 and 5,300.
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