As expected nifty opened weak with a gap down of about 60 points. During the day it was one way move and that was downwards. Though nifty took a brief pause near our mentioned support levels the same got broken eventually and closed at the day’s low which was diagonally opposite to what had happened the day before where the nifty closed at the day’s high. Traders are made to get confused with this ongoing alternate day change in nifty direction.
US market closed weak with their indices around 2% down on the consumer spending worries. Asian markets have opened mixed and trading weak. Nifty is expected to open flat to weak inline with the global markets and remains so till the IIP numbers are out later today.
On the upper side nifty may find resistance near 3007 or 3064 levels. Similarly on the lower side support exists near 2866 or 2747 levels. Breaching of 2866 levels has to be watched closely as trading for some time below this level may take nifty to much lower level in no time. Nifty is expected to trade neutrally till the IIP numbers are out and nifty may move decisively on either of the directions based on the numbers.
Happy Trading !
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment