swastika12
Cady Winslet
MARKET SUMMARY:
The Indian equity benchmark index nifty closed flat amid highly volatile trading session on Friday. The day was started on flat note yet nifty rallied & breakout 6225 resistance mark on the back of buying in heavy weights like Infosys, Reliance, ITC & ONGC yet nifty was unable to hold 6230 mark & witnessed a sharp fall from high point of the day on the back of heavy selling in banking, auto & other high beta names.
Daily Market Trend:
Daily Nifty Levels R1: 6230 R2: 6270 R3: 6330
Pivot: 6183 S1: 6130 S2: 6090 S3: 6050
CHART FORMATION:
Nifty has witnessed breakdown of up sloping trend line support yet it is still trading in congestion zone of 6230-6130.
6230 is key level to watch out for any upside rally for new high amid result season.
Nifty has immediate support around 6140-6125 zone below this 6090/5925 will be next significant support levels.
50-day SMA is placed at 6195 while 200-day SMA is placed at 5915 mark.
TECHNICAL INDICATORS:
Momentum indicator RSI is trading below 50 mark while stochastic has entered into oversold territory.
CCI is placed at -55 mark with some positive divergence while MACD witnessed centerline crossover.
STRATEGY FOR TRADERS: 6230 is key level to watch out for traders; if nifty will manage to trade above this mark for 15-20 minutes then a short covering rally is expected for 6300+ level; while if nifty fails to cross this mark then selling pressure will continue where 6130 is key support level in downside.
Swastika.co.in
The Indian equity benchmark index nifty closed flat amid highly volatile trading session on Friday. The day was started on flat note yet nifty rallied & breakout 6225 resistance mark on the back of buying in heavy weights like Infosys, Reliance, ITC & ONGC yet nifty was unable to hold 6230 mark & witnessed a sharp fall from high point of the day on the back of heavy selling in banking, auto & other high beta names.
Daily Market Trend:
Daily Nifty Levels R1: 6230 R2: 6270 R3: 6330
Pivot: 6183 S1: 6130 S2: 6090 S3: 6050
CHART FORMATION:
Nifty has witnessed breakdown of up sloping trend line support yet it is still trading in congestion zone of 6230-6130.
6230 is key level to watch out for any upside rally for new high amid result season.
Nifty has immediate support around 6140-6125 zone below this 6090/5925 will be next significant support levels.
50-day SMA is placed at 6195 while 200-day SMA is placed at 5915 mark.
TECHNICAL INDICATORS:
Momentum indicator RSI is trading below 50 mark while stochastic has entered into oversold territory.
CCI is placed at -55 mark with some positive divergence while MACD witnessed centerline crossover.
STRATEGY FOR TRADERS: 6230 is key level to watch out for traders; if nifty will manage to trade above this mark for 15-20 minutes then a short covering rally is expected for 6300+ level; while if nifty fails to cross this mark then selling pressure will continue where 6130 is key support level in downside.
Swastika.co.in