Nifty opened gap up, follow up buying did not emerge and fell from resistance near 5500 all the way to 5257 levels finally closing at 5291. Banknifty also opened with large gap up and had same fate except that it managed to close in the green.
Technically all the major indicators are in oversold zone. RSI divergence situation has been nullified. Next major supp is placed at 5175 levels. We can have minor pullback till 5350-60 levels. Only above this level we can have any expectation of sustainable pullback rally.
Nifty Sup: 5250-5175 Res: 5360-5470
Short Uniphos Fut (cmp 139.2) SL 143 TGT 135-132
Nifty
Banknifty
Technically all the major indicators are in oversold zone. RSI divergence situation has been nullified. Next major supp is placed at 5175 levels. We can have minor pullback till 5350-60 levels. Only above this level we can have any expectation of sustainable pullback rally.
Nifty Sup: 5250-5175 Res: 5360-5470
Short Uniphos Fut (cmp 139.2) SL 143 TGT 135-132
Nifty
Banknifty
