Nifty opened flat on Monday and tried to cover its resistance zone of 2805 before profit booking finally took it down. A negative opening of Europe dragged it down further. However, late short covering/buying propelled it further above to close above its resistance zone of 2755.
Now on Wednesday, Nifty is again expected to open slightly in the positive following good global cues. It will again try to take out 2800 and traders may be wary of booking profits this time.
Safe traders should look for going long near 2755-2760 levels with stop loss at 2729. Adventurous traders may short near 2800-2805 levels with stops at 2830 fro quick 20 points gain. However, going short can be risky in this market condition and it will be better to wait for a buying opportunity. Till the level of 2700 is not breached on the nifty, this market is a buy on dips.
Nifty resistance at 2795-2820-2835. Support at 2755-2730-2705-2680
www.niftypower.webs.com
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment