After a sharp bounce back on Thursday, a good consolidation was seen on Friday which made Nifty closed at 4920.40 with a minimal loss of 1.00 point. However, as said earlier, Trend is still down and we may take it as reversal only if Nifty cross atleast 4956 and 4970 with volume.
For today, WATCH 4950-4956 CAREFULLY. IF ABLE TO CROSS WITH VOLUME, NIFTY MAY MOVE TOWARDS 4970/4990 AND EVEN 5000 (PSYCHOLOGICAL RESISANCE?) ON THE UP SIDE WHEREAS BREAKING 4900, NIFTY MAY HIT 4880/4850 ON THE DOWNSIDE.
For today, WATCH 4950-4956 CAREFULLY. IF ABLE TO CROSS WITH VOLUME, NIFTY MAY MOVE TOWARDS 4970/4990 AND EVEN 5000 (PSYCHOLOGICAL RESISANCE?) ON THE UP SIDE WHEREAS BREAKING 4900, NIFTY MAY HIT 4880/4850 ON THE DOWNSIDE.
From options data,,highest options base has been shifted to 4700 put and 5000 calls. However, as of now 4800 may act as support and 4970/5000 may act as resistance. 5100-5110 (After crossing 5000) will act as strong resistance.
THOSE WHO INTERESTED, MAY ACCUMULATE BHEL, TCS, SBI, JPASSOCIATES, BHARATI AIRTEL, L&T ETC. FOR LONG TERM IN CASH SEGMENT.
THOSE WHO INTERESTED, MAY ACCUMULATE BHEL, TCS, SBI, JPASSOCIATES, BHARATI AIRTEL, L&T ETC. FOR LONG TERM IN CASH SEGMENT.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
