It was a crucial day of trade in the Indian markets which appeared uncertain ahead of the RIL quarterly results and RBI credit policy tomorrow and therefore, traded volatile and weak.
Nifty Charts and Reports suggest that technically on Indicators front, the weakness still continues, but looking at price the chart reveals that the trend is still intact up as long as 5350 holds. For next trading session logical technical targets would be 5490-5515-5538.
The support level for the Nifty is 5350 and strong resistance at 5490-5515-5538
The support for the Sensex is at 17850 and strong resistance at 18356-18420.
Nifty Charts and Reports suggest that technically on Indicators front, the weakness still continues, but looking at price the chart reveals that the trend is still intact up as long as 5350 holds. For next trading session logical technical targets would be 5490-5515-5538.
The support level for the Nifty is 5350 and strong resistance at 5490-5515-5538
The support for the Sensex is at 17850 and strong resistance at 18356-18420.
If the Nifty trade above 5405 then one could go for create long positions, while on the other hand if Nifty trade below 5405 then you are advisable to short your positions or go for sell. From a trading point of view I would stay long but have my eyes fixed on the crucial support of 5350.
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