Markets Views for Tomorrow 07-Jan

It was third consecutive day for the Indian Markets to close in red. Today markets opened higher but the upside momentum was short and markets failed to sustain on upside range. Selling pressure intensified as the day progressed which led the indices to close in red.

On the daily Nifty chart, we are observing that prices have tested the 20 day EMA and have marginally close above it. In coming trading session there might be a bounce in the range of 20210-20400 / 6080-6120. On the down side if 20,100 /6,020 level is breached then 19980-19890 / 6000-5970 levels may be seen tomorrow.

Trading Strategy for Nifty Tomorrow : 

Nifty Futures
Sell Nifty Futures below 6,065 for target of 6,035-6,015 and stop loss of above 6,085.

Bank Nifty Futures
Sell Bank Nifty Futures below 11,178 for target of 11,130-11,070 and stop loss of above 11,230.

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