Nifty continued to slide and ended down for the second consecutive day as it provided no respite for bulls in the ongoing butcher. This is the second-day consecutive fall after a short covering which was observed last week. Nifty is now on a point which will be more decisive to maintain its short-term uptrend intact.
Since 10150 – 10180 Zone is the previous tops and we have seen a brief consolidation in this zone previously. It is also coupled with 50 Days Moving Averages. Nifty should sustain these levels for convincing the short-term bulls. In case if we see a close below these levels in coming days then more correction can be seen.
Immediate support is seen at 10090 – 10150. Resistances in immediate trend is seen at 10250 – 10300. We are cautious with a Sell on any rise approach while we also recommend booking some 70% profits as we may see sideways consolidation going forward.
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