Market View: Indian markets are expected to trade range bounded & remain in a consolidation mode, any close above 3,000 on the Nifty this expiry will be a positive sign. Negative cues from global markets may peg back sentiment slightly when the market opens for trade. On the resistance Nifty is likely to top around 3,150 level, while the bottom is seen around 2,900. Banking and oil & gas stocks have seen decent build-up and should lead the uptrend.
Intraday, 3015 points is the pivot in the Nifty. Support in declines is at 2960-2970 and a sustained upmove above 3075 points can test 3105-3112 (weekly R2) points. A day's breather has re-energized the bulls. Bears need to quickly regroup before the bulls slip away from their grip
Expect a 'channeled' upmove in the Nifty but the oscillators are exhibiting negative divergence. If it sustains above 3075, the next level to watch is at 3112 and 3160 points. The 3135-3165 points' area is a critical bottleneck where the bulls have to negotiate hard. Crucial support at 2840-2856 points has moved away. As long as 2800 points holds in close the bias is up. Traders can follow longs with a closer support at 2920 points
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