· Nifty Closed @ 4111, near to its immediate & important resistance of 4150. Now next resistance for the nifty will be 4150 than 4280/4340.
· Technical indicators are showing further weakness on daily charts.
· Now, below 4050 Nifty can drop till 3960/3910/3860 /3820 & only above 4150 it can move till 4280/4340 /4380/4440.
Nifty (Spot) closed above its Pivot of 4071. Nifty closed at 4111. In short term we advise one should be cautious. RSI & MACD indicating further bearishness in short term. Because of positive global cues market start on positive note. Bulls maintained nifty to close above 4100 mark. Finally it was a victory of Bulls. We are expecting that the bulls will try to extend their presence in next session, but near to 4180-90 bears will try to hold their presence in market. Last candle on the daily charts is MOROBOZU indicating some bullishness in next session. Nifty should take support of 4050/3960/3910/3860/3820 in near term & resistance of 4150/4280/4340/4385.
We advice Bears should hold short position in Nifty (Spot Levels) near or below 4180-90 with strict stop loss of 4230. Bulls or high risk trader can create long position in Nifty (Spot Levels) near or above 4100 levels with strict stop loss of 4075 (Bears can try short again & again with strict SL).
Stock for the day:
DLF & STER
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