Yesterday... Nifty was on roller coaster mode. Almost 250
points move in a day. Nifty breached its crucial support level of 7480 but
unable to close below that mark which is quite significantly a good sign but
conditions are not favorable. Yesterday Nifty future made a low of 7428 mark.
Reliance industries and Infosys capture the market and turns
negative to positive. Reliance Industries made a high of 1088 mark. Revise stop
loss of 1045.
Now what to expect???
Yesterday we told that we will give brief on Nifty.. Bank
Nifty and Stock specific but market didn't respond at the end as per our
expectation. That’s why weekly close is now very important for Nifty.
Well today... Nifty Future has support at 7480--7420 and resistance
at 7630. Either side break or weekly close will see one side rally in it.Nifty
is now trading near to 23.8% retracement level on Monthly chart. Break and
sustain below 23.8% may create more panic till 38.2%---50% mark else we could
see sharp upside reversal in it.
Too many stocks turn in to negative territory like Reliance
Infra... On Mobile.. Maruti... and many more which is not a good sign.
But on the other hand... Reliance industries... Infy.. Titan
are providing support to the market. Here we clearly indicated to our
subscriber that try to avoid trade at this stage as thing looks choppy and we
will have to wait for clear trend.
Nifty breach its crucial support but we don't want to react
immediately in this market as already down more than 10% in the start of 2016.
Last hope already breached of 7480. Now we have to see that
it will breach or give weekly close or not?
Next crucial support at 7310---7225.
So... be specific for next 2 trading sessions. We will
surely update levels after weekly close on Saturday.
Today's top pick and more Nifty levels will provide during
market hours.
