Bulls can stage back and can lift market higher.
Monday nifty witnessed severe down fall due to global markets and Domestic bad events.
Intraday it fell down to 10295 and later managed to close above 10450 level.
As of Now, Impulsive down wave from 12240 to 10295 almost finished.
From here, we can expect decent pull back rally towards 10500+ levels.
Nifty has strong support at 10200-10000 zone.
Option Chain Data also suggesting that nifty has strong support at this zone.
Hence, short term traders can initiate fresh long positions between 10280-10350 zone for higher levels target.
Globally, Crude prices also recovering from multi year low levels. Market can take cue and surge higher. Intensity of bad news slowly fading out. Sentiment can improve slowly.
Resistance 10700-10600-10500
Supports 10300-10200-10000.
Regards,
Suryadev Bandari
Research Analyst
Monday nifty witnessed severe down fall due to global markets and Domestic bad events.
Intraday it fell down to 10295 and later managed to close above 10450 level.
As of Now, Impulsive down wave from 12240 to 10295 almost finished.
From here, we can expect decent pull back rally towards 10500+ levels.
Nifty has strong support at 10200-10000 zone.
Option Chain Data also suggesting that nifty has strong support at this zone.
Hence, short term traders can initiate fresh long positions between 10280-10350 zone for higher levels target.
Globally, Crude prices also recovering from multi year low levels. Market can take cue and surge higher. Intensity of bad news slowly fading out. Sentiment can improve slowly.
Resistance 10700-10600-10500
Supports 10300-10200-10000.
Regards,
Suryadev Bandari
Research Analyst
