After the eight consecutive session of weakness, markets on friday rallied back after testing a low of 5472 levels.
The correction has been sharp and the market is expected to recover till 5586 and 5623 levels and then consolidate around that level for sometime before making the next strong move.
PCR remaining at 0.80 is still favoring bears to a large extent. Looking at the open interest data, market has still not set any directional bias from this level and it is better to wait and watch for a while for the markets to make the next move.
As of now 5508 level is a strong support and any break of that will see markets correcting till 5393 levels in the short term.
Resistance levels : 5586, 5623, 5654
Support levels : 5535, 5508, 5462
No comments:
Post a Comment