It was choppy start for Indian stock Markets. Indian markets drifted lower and ended near day’s lows as investors booked profit across the board following a slow-down in India’s industrial production and weak cues from global peers.
By looking at Nifty daily charts technical levels suggest that until Nifty manages to show strength above 5,825-5,840 levels selling pressure may be continuing. However, Nifty also has support in 5,700-5,750 area, which means Nifty may also trade with in 5,700-5,850 range with volatility.
For daily intraday trading, trend deciding level is at 5,790. If Nifty shows strength above 5,790 level, then rally to 5,825-5,840/5,885/5,940 levels may be seen. On the down side if Nifty does not show strength above 5,790 levels then profit booking till 5,750/5,700/5,650 may also be seen. Below 5600 level selling pressure may intensify to 5480-5400 levels.
By looking at Nifty daily charts technical levels suggest that until Nifty manages to show strength above 5,825-5,840 levels selling pressure may be continuing. However, Nifty also has support in 5,700-5,750 area, which means Nifty may also trade with in 5,700-5,850 range with volatility.
For daily intraday trading, trend deciding level is at 5,790. If Nifty shows strength above 5,790 level, then rally to 5,825-5,840/5,885/5,940 levels may be seen. On the down side if Nifty does not show strength above 5,790 levels then profit booking till 5,750/5,700/5,650 may also be seen. Below 5600 level selling pressure may intensify to 5480-5400 levels.
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