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Nifty CMP : 4647
As shown in the picture,Nifty is having strong support at 4438.
Even if this support breaks then the next support coming near to 4250(see Red Channel- i.e parallel red lines)
In worst If the nifty cuts the Red channel then there is chance of free fall may occur upto 3700-3800.
Also MACD Indicator(Moving Average Convergence & Divergence) enters into the selling signal.
So In short term Nifty in bearish mood. And currently nifty is facing
resistance at 4820. If Nifty breaks above 4820 only there is a chance of upward trend.
Nfity Strategy
If you are going short in Nifty then keep your stop loss at 4820.
Even if nifty bounce back upto 4800 one can try short selling Nifty
by taking Nifty Puts with stop loss at 4820.
Investors
Investors are recommended to stay away from the market until Infosys Guidance.
Infosys Guidance is the key to our market to head upwards
To recieve daily Nifty supports and resistance, Short Term(7-15% returns), Medium Term(20-30%), Long term(40-100%) calls on your mobile Sign up at www.smsgupshup.com/groups/marketbits
Regards,
Rajandran R
[email protected]
