NIFTY BREACH THE CRUCIAL SUPPORT & CLOSED BELOW: UNCERTAIN FUTURE
The NSE Nifty spot closed at 5350 down by 0.70% with higher selling pressure in banking and financial sector. If we see the lower indicators such as MACD, It is taking support and moving at 50 which is nearer to neutral level, whereas Stochastic is showing sudden cutting downward trend for some days. This can lead to some buying pressure for few days. But as far as support and resistance is concerned, 5397 is acting as a major level for confirm bullish and bearish trend for the medium term future. The positive thing is that, nifty spot is still trading above daily moving averages and DMAs are still having positive trend. In the next trading session, nifty may face selling pressure but intraday trades are advised to buy on deep in nifty future contract. 5283 is the next crucial support level for the nifty spot.
Happy trading !!
Megha Investments & Research Team
