Hello,
Yesterday being the day of Derivative Expiry, Europe / Dow futures weakness had limited impact and we closed just above the 5300 mark as expected. With expiry out of the way, it may be time to take a fresh look at how other markets are performing. US markets went down once again yesterday emphasizing how weak the internals seem to be at the current juncture.
With today being the last day for the week, Nifty may after opening weak be rangebound. 5335 on the higher side has now become a very crucial resistance level to be broken if the rally is to continue. A break above 5335 could herald a move to 5400. On the other side, a fall below the support zone of 5290 - 5300 can pull Nifty to the next support at 5250. Either way as of now, movement seems to be limited in nature and next big trend can get initiated once we move out of this zone.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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