In my previous Nifty View, it was given that "... the movement of Nifty will tell us whether this was just a relief rally for the sharp correction that we had witnessed last week Or is there further upside left...". Well, Nifty gave us the answer and How! One way down with Over 100+ points.
From now on, all eyes will be on the previous low of 5937. Bulls will try hard to save that level. If the Bears are somehow able to conquer that level, it will spread some Panic among the 6000 PE and 5900 PE writers, and maybe a quick visit to 5850 levels where we may pause again. On the upside, Nifty will face tough resistance now at earlier support zones. It is a sell on Rises as long as we stay below 6130 Spot as of now.
For 18 Nov., Intraday traders watch the levels of 6000 and 6015 on the upside. Above 6015, we may see some weak shorts cover till 6030-6060 levels, where again sellers will emerge. On the downside, minor support for Nifty exists at 5970/5960 spot levels, below which a revisit to previous low of 5935/5940 will happen. Trade on both long and short sides with tight stoploss to gain from this volatile market movements.
18 Nov: Nifty spot resistance at 6000-6015-6030-6060. Support at 5970-5960-5935-5900 - www.niftypower.com
Visit here for Nifty Option Tips
Posts
No comments:
Post a Comment