Nifty opened gapped down and then it was
one way selling till the close of the session
barring two or three attempts of pullack
which were also not much impressive. Technically all the major indicators are
bearish and we may see continuation of yesterdays downward movement. On the
daily charts, in RSI bullish divergence like situation is developing (in
intraday chart also in last hour divergence is spotted). This is just
anticipated divergence and has yet to be confirmed.
Eventhough as market has fallen drastically
in the last session it is natural to expect pullback, it is the view that any
pullback will be short lived and will be capped upto 5570-5580 levels. Only
above 5580 we can expect the relief rally to be genuine. Till then it is viewed
that downward movement will continue and we are headed for 5350 levels.
Nifty Sup :
5480-5450 Res : 5550-5580
Short SBI fut (cmp 1568) SL 1595 TGT 1535-1510
Short GAIL fut (cmp 298) SL 303 TGT 292-288
