Today the market opened negative, breaking the previous low of 4580. The channel in the downward direction has also broken the lower trend line but has come back in the channel again. On the daily charts, Nifty has taken resistance at 40 DEMA, i.e. 4759. We expect the momentum to be negative and volatile. The market breadth is negative with 90 advances and 1,087 declines. Nifty is expected to be in the range of 4550 and 5100 in the short term. The market has a strong support at 4520 and strong resistance at 4700 on intraday basis. It has broken the support at the lower end of the channel, which is close to the previous low. The daily KST has given a negative crossover and is below the zero line.
On hourly charts, KST is forming a triangle pattern but it has given a negative crossover and is also below the zero line. Strong support at 4500 and a very strong resistance at 4710 are indicated on hourly charts. Cipla has gained momentum and is likely to test Rs220. Infosys seems to be having strong support around Rs1,310 and on the upside is likely to test Rs1,500. Banking and
Metal sectors are the worst hit.
0 comments:
Post a Comment