Indian markets may fall further on negative global cues but the downside would be limited. Trade is likely to remain volatile given the F&O expiry for the December series. We expect Nifty could close between 2,950-3,000 levels this expiry.
"Bulls have received a warning; a decisive break below 2840 points would be a cause of worry. Till then, it can be treated as a running correction. The range of 3135-3165 points has to be sustained in close for fresh up swing. Intraday, crucial support is pegged at 2897-2918 points. Pivot is shifted lower to 2990 points with 3018, 3060 and 3093 as resistance to the upmove. Reliance, Bharti and HDFC may be volatile on the last day of December expiry; therefore be careful"
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