NIFTY HAS TAKEN SUPPORT OF DAY EMA 100, 200: INVERTED HAMMER IN DAILY CHART
The NSE Nifty spot closed at 5238 with the heavy volatility in the banking and finance sector, as short covering in major stocks. In the technical views, MACD is showing still bearish signal whereas Stochastic is completely making zig-zag pattern in the daily chart. On the other hand, if we see the upper indicators, daily EMAs like 100 and 200 are still acting as major supports. This is the last hope of bullish trend as we expect from the nifty spot for near term future. 5212/5190/5150 are the crucial levels as supports and 5279/5310 are the major hurdle of this coming days for medium term traders. Intraday traders are advised to make short position on higher levels in this trading session. Market may move scrip wise, and some mid cap stocks may give you higher return. Please consult our analysts for further in detail mid cap stocks views.
Happy Trading !!
Megha Investments & Research Team
