Nifty showed momentum strength for 4th consecutive week. Nifty's long term trend along with short term trend is up. Bulls are in control at the moment with good market breadth. However, Nifty has some resistance in 6,030-6,050 levels. If Nifty manages to show strength above 6,050 levels then momentum may accelerate on upside else some profit booking may be seen. Nifty Sept future expiry is due in this week and volatility may be seen. Therefore, traders should be cautious. For trading during the coming sessions, trend deciding level is 6,030-6,050 If Nifty shows strength above 6,050 levels then we may see rally to 6,100/6,150/6,200 levels. If Nifty doesn't sustain above 6,030 levels then decline to 5,940/5,900/5,850/5,800 may also be seen.
Ref : CapitalVia Share Advisory
Post a Comment