NIFTY LEVELS FOR TODAY:
NIFTY MARKET OVERVIEW
The logical target for today's nifty market could be 5179. In forthcoming session our stock market may witness some range bound movements. As the first resistance level for nifty would be 5124 and than the second level for nifty resistance can seen at the mark of 5179. In these movements in for the stock market we can see the first support level 5091 and the below support level would be predicted at the mark at 5037.
NIFTY MARKET OVERVIEW
Nifty closed on a very dull note and made significant loss. Nifty formed a big bearish candle and lost some of its vital supports, regained yesterday. Chart wise, it is a bearish engulfing pattern that signifies about surging strength of the bears in our market. Nifty has lost its sentimental support level of 5100. Owing to big ticket selling in large caps, small cap and midcap, Bears outnumbers the bulls and because of this, Indices again closed with negative market breadth. In today’s session, Nifty not only closed weak, yet, maintained its closing above the vital supports of 9, 14 & 50 day’s SMA placed at 5072, 4990 &4999 but closed below 100day’s SMA placed at 5258. These levels may be the new ranges in forthcoming sessions. In today’s session, VIX, the barometer of uncertainty, rose and closed at a modestly low level of 25.60, indicating a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 54.01 levels and MACD closed above the signal line, thus combined together they are giving the signals that; market may continue to witness some range bound movements in forthcoming session.
