Post a gap up opening, the Nifty was unable to sustain above 6300 and witnessed selling throughout the day. After a lot of pain, the Nifty finally wrapped up the session losing 50 points. Nifty futures premium declined and closed at 11. India VIX dipped 5.47 percent and settled at 16.58.
The Nifty closed in the negative today, down 50 points at 6166. Over the next couple of days it is expected to trend up till 6200. In this period the key support will be at 6129 and resistance will be at 6200
.
From the Nifty stock futures, Dabur India and Sun TV Network are expected to move up going forward.
The Nifty has completed a five-wave correction and also taken support at an upward sloping trend line which is a bullish sign for the market. The short-term bias for the Nifty is positive for a target of 6305 with reversal at 6129. The medium-term outlook is negative as the index closed in the negative last week and the momentum indicator has given a negative crossover on the weekly chart.
For the good business and finaancila services on nifty future tips,stock future tips visit our website www.marketmagnify.com or call us at 07316619100
No comments:
Post a Comment