Nifty Tips
As we predicted in out last report Nifty extended its bearish trend on eighth consecutive session. Strengthening of dollar against rupee and huge sell off by FIIs led the market to close at 4,778.35 after losing 127.45 points 2.60%.
Nifty futures also lost 2.60% and settled down at 4787 down by 127.60 points.
The market is now in oversold position and Nifty might take a reverse momentum after some more dips till 4720 which is the crucial support level for Nifty futures. Therefore amid this bearish trend a possibility of a short term pullback can not be ignored and we will suggest the traders willing to to go for short in Nifty should keep strict stop-loss.
A stiff resistance close to the level of 4880 is required to be breached for persisting an uptrend in the market.
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Nifty futures also lost 2.60% and settled down at 4787 down by 127.60 points.
The market is now in oversold position and Nifty might take a reverse momentum after some more dips till 4720 which is the crucial support level for Nifty futures. Therefore amid this bearish trend a possibility of a short term pullback can not be ignored and we will suggest the traders willing to to go for short in Nifty should keep strict stop-loss.
A stiff resistance close to the level of 4880 is required to be breached for persisting an uptrend in the market.
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