NIFTY STILL WEAK AHEAD OF SECTORAL NEWS
The NSE Nifty spot closed at 5223 down by 1% with the heavy selling pressure. Traders have seen heavy selling pressure in banking and finance sector in the indian market. NIfty spot opened gap down and also closed red. In the technical views, MACD is showing bearish trend whereas Stochastic is making zig-zag pattern. Nifty spot is still trading above 100 and 200 day exponential moving averages. We can expect that these two moving averages will act as major supports. In the next trading session, if nifty spot opens below 5210, more selling pressure can be seen. Major support 5168 will be seen, whereas 5281 (day EMA 34) will be a major hurdle. Intraday traders are advised to do nothing for safety in this trading session due to major uncertain movement.
Happy Trading !!
Megha Investments & Research Team
