It was a nasty start for the Indian Stock Markets. Markets opened higher today but selling pressure gradually picked up as the day progressed which lead the indices to close in red.
On the daily chart, we are observing that indices have tested the immediate swing low of 18,976 / 5,693 but have closed above it. However, the present closing is below the 200 day SMA which suggests weakness. Traders are advised to abstain from trading till the RBI monetary policy is declared and a clear direction emerges in the market trend.
For Intraday trading tomorrow trend deciding level is at 19,050 / 5,700. If indices trade convincingly above 19,050 / 5,700 levels then they are likely to test 19,175 - 19,260 / 5,750 - 5,784 levels. However on the downside it may come to 18,800 - 18,710 / 5,650 - 5,620.
On the daily chart, we are observing that indices have tested the immediate swing low of 18,976 / 5,693 but have closed above it. However, the present closing is below the 200 day SMA which suggests weakness. Traders are advised to abstain from trading till the RBI monetary policy is declared and a clear direction emerges in the market trend.
For Intraday trading tomorrow trend deciding level is at 19,050 / 5,700. If indices trade convincingly above 19,050 / 5,700 levels then they are likely to test 19,175 - 19,260 / 5,750 - 5,784 levels. However on the downside it may come to 18,800 - 18,710 / 5,650 - 5,620.
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