The initial part of the day saw bears taking upperhand and not allowing bulls to move past the key level of 4825 and markets testing sub-4800 levels.
But on Nifty reaching 4845 levels, the short term boundary, the short squeeze happened and pushed markets to the next level of around 4885 levels.
Since the squeeze is powerful enough, there are strong chances of markets to penetrate 4900 levels and reach the next target of 4930, but then an even more powerful bearish move is expected to pull down the markets going forward.
Only on a strong close above 4985 levels would change the short term bearish trend. As of now it is sell at higher levels.
Resistance levels : 4885, 4917, 4930
Support levels : 4845, 4823, 4805
-
Happy Tradingwww.tripleint.com
No comments:
Post a Comment