Nifty futures after showing some positive sign in last trading session, it opened with a hge gap down following FED governer speech last night, along with delapidated rupee which touched it all time low of 60.17. Nifty futures were beaten heavily following heavy selling pressure fears of FIIs.
On Technical charts also it has managed to sustain well below ots crucial 200 day EMA(5770).Now the market is fully in the grip of bears, an d bears may further have upper hand in the market following clues from the global markets as well. Realty heavyweight DLF closed 7% down along with its peers.
Nifty futures is expected to give a gap down opening tomorrow and some more selling pressure can be seen in upcoming trading sessions.
Here are the support & resistance for Nifty.
Trend – Extreme Bearish
RESS1 5770,RES2 5870
SUPP1 5620,SUPP2 5510
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PRECIOUS METAL WRAP: Gold retreated from the highest level since November as a five-day advance damped physical demand and U.S. Federal Reserve Chairman Janet Yellen pledged to continue with a gradual tapering of stimulus.
ReplyDeleteCS CRUDE (FEB.) OVERVIEW:
TREND CONSOLIDATE
SUP1:6200
SUP2:6160
RESIST1:6368
RESIST2:6467
TRADING STRATEGY: BUY ON DIPS
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