NIFTY STOPPED SELLING TILL 61.8% RETRACEMENT LEVEL @5311
The NSE Nifty Spot closed at 5329 down by 0.40% with high selling pressure in opening, then covered some stocks from made bottom of 5313. This is first time 4 continuous red candles in one month which were happened due to profit booking or say correction too. Technical trend is positive but if we see the lower indicators, MACD (12.26.9) is showing fresh cutting down from the level of 45.59 where as Stochastic (5.3.3) is already bearish and stood at 19.12 which is below over sold zone. In the next trading session, nifty may recover from this level and face some bounce back with the support of 61.8% retracement level which is at 5311. If Nifty spot will open below 5311, traders may face more probable selling pressure till 5287. Upside resistance is as it was @ 5397 which is still acting as a major hurdle. On the other hand, Daily exponential moving averages (34.100.200) are still in positive trend. We hope, Nifty may see positive trend in medium term future.
Happy Trading !!
Megha Investments & Research Team
