It was a decisive victory for the bears yesterday, after bulls made a failed attempt to conquer 4950 the day before.
At each of the key resistance, bears showed their might and brought Nifty to a close which almost engulfed the previous sessions fake bullish move beyond 4915 levels.
Now that bears have established the strong upperhand, a move towards the 200 DMA is not ruled out and the earlier levels mentioned in the previous post of 4710, 4670 looks like possible targets for this move.
Any move below 4635 levels in the short term, would bring in sharp buying and a strong short squeeze is expected at this stage.
Resistance levels : 4850, 4862, 4882
Support levels : 4802, 4765, 4710
Happy Trading
www.tripleint.com
No comments:
Post a Comment