Nifty has entered into a sustained downtrend after closing below 2700 and there is no relief rally/ short covering even when Nifty is in highly oversold oversold zone. At the most it bounces 10-20 points from the support levels and then the downtrend continues again.
Now for Friday, Mar 6, Nifty is expected to again open in negative on bad global cues. now the next important support for Nifty is 2500 spot only. It is better to wait and go long as near to this level as possible. Expect a freefall below 2500 on Nifty.
Intraday traders should wait and watch today and try to buy as close to 2500 as possible. Buying will be a risky trade, however, if one gets an opportunity to short near 2580-2600 levels, one should definitely short near those levels with a stop loss at 2610. Between these levels, there will only be volatility. Just wait and watch.
Nifty resistance at 2570-2595-2610-2630. Support at 2525-2495-2470
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