Gap down opening and thereafter range bound trade with selling pressure after RBI credit policy announcement when Nifty attempted to climb past 5445 levels. VWAP @ close is 5422. Nifty closes @ 5397.
1) Now, below 5390, Nifty should test 5365-5345 levels and some bounce can be expected with short covering rally up to 5440 .
2) A gap up opening above 5420 and sustaining above 5430 levels could take Nifty past 5450-5475-5500.
3) The scenario is negative for the market now. Break of 5345 level could lead to severe fall below 5250 levels. Happy trading!
Thanks Vinod!
ReplyDeleteHi RM:
ReplyDeleteMarket is going down. Watch out for 5370-5350 levels or above 5448 only (for intra day purpose only):). Thanks.