NIFTY 50
After opening gap down and falling to daily low @ 17914, Nifty respected the upward trend line (Passing from that level) drawn from 29th Oct. It took support 2 times from that trend line. Nifty also respected the 50-EMA on 15 minutes chart going for an upward move after consolidating. Since FII are continuously selling since the start of the month, Nifty finds hard to breach the psychological level R1 (which is also the 20-SMA line on daily chart, below which Nifty will continue to remain range-bound). Nifty was trading in a range of 150 pints today after parring some losses and closing @ 18017.
Positives from the day
1] Nifty did manage to close above 18000 which was important.
2] After opening gap down, Nifty did manage to cover that gap.
3] Nifty did respect the trend line and 50-EMA(After consolidation).
Points to note
1] Nifty formed a indecisive green candle on daily charts which indicated indecisive against direction.
2] Support and Resistance level are shown on the chart.
3] INDIA VIX has increased 1.8% closing at 16.3.
4] Nifty will be weaker below 20-SMA (on daily chart).
Nifty is under tremendous selling pressure by FII but somehow DII and Retail Investors are keeping withhold. FII will return to Indian markets sooner or later. Once nifty breaches the 20-SMA level and closes above a further uptrend opens up. According to me long investors should remain invested, any fresh entry should be avoided till the NIFTY breaches R1 (20-SMA) and settles above it.
THE ABOVE INFORMATION IS FOR EDUCATION PURPOSE ACT WISELY
Positives from the day
1] Nifty did manage to close above 18000 which was important.
2] After opening gap down, Nifty did manage to cover that gap.
3] Nifty did respect the trend line and 50-EMA(After consolidation).
Points to note
1] Nifty formed a indecisive green candle on daily charts which indicated indecisive against direction.
2] Support and Resistance level are shown on the chart.
3] INDIA VIX has increased 1.8% closing at 16.3.
4] Nifty will be weaker below 20-SMA (on daily chart).
Nifty is under tremendous selling pressure by FII but somehow DII and Retail Investors are keeping withhold. FII will return to Indian markets sooner or later. Once nifty breaches the 20-SMA level and closes above a further uptrend opens up. According to me long investors should remain invested, any fresh entry should be avoided till the NIFTY breaches R1 (20-SMA) and settles above it.
THE ABOVE INFORMATION IS FOR EDUCATION PURPOSE ACT WISELY
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