Nifty- Down but still above critical support level
Nifty made a red uncertain candle today.
On the positive side, it is still trading well above all the three 50/100/200 EMAs.
While it briefly breached 17693, it closed well above this critical pivot support.
PCR is down to 1.02 - which means that option writers are still not bearish on the index.
Despite some heavy selling by FII(-1927cr)/DII(+801cr)=Net -1126cr ... Nifty held above the 17693 support.
If this level holds tomorrow, we could well see a rebound and the 18032 target could be still on.
If we see a panic and breakdown tomorrow below 17693, then 17625/17545/17303/17015 could be the next supports.
Futures is indicating a gap up opening.
CPR is narrow--so markets could trend tomorrow.
Global cues and FII action could be a major factor in tomorrow's trade as well....do you think the markets will rise?
On the positive side, it is still trading well above all the three 50/100/200 EMAs.
While it briefly breached 17693, it closed well above this critical pivot support.
PCR is down to 1.02 - which means that option writers are still not bearish on the index.
Despite some heavy selling by FII(-1927cr)/DII(+801cr)=Net -1126cr ... Nifty held above the 17693 support.
If this level holds tomorrow, we could well see a rebound and the 18032 target could be still on.
If we see a panic and breakdown tomorrow below 17693, then 17625/17545/17303/17015 could be the next supports.
Futures is indicating a gap up opening.
CPR is narrow--so markets could trend tomorrow.
Global cues and FII action could be a major factor in tomorrow's trade as well....do you think the markets will rise?
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