Indian Stock Market traded choppy today and remained rangebound. Both Indices Nifty and Sensex closed on a sluggish note for the second consecutive session. Nifty slipped below the support levels of 5550 and closed at 5546.80 levels losing 28 points or 0.5% ahead of July series F&O expiry.
On daily charts, Nifty breached its crucial support zone of 5550- 5530 after the formation of bearish ENGULFING PATTERN in the last session. Today Nifty made a low of 5521 which is near to its 50-day SMA.
For intraday trading tomorrow, 5520 - 5490 - 5470 levels may act as the immediate support on the downside whereas 5570 - 5600 will act as immediate resistance for Nifty. Major resistance for Nifty is still at 5635 - 5650. Volatility is expected due to July F&O expiry tomorrow.
On daily charts, Nifty breached its crucial support zone of 5550- 5530 after the formation of bearish ENGULFING PATTERN in the last session. Today Nifty made a low of 5521 which is near to its 50-day SMA.
For intraday trading tomorrow, 5520 - 5490 - 5470 levels may act as the immediate support on the downside whereas 5570 - 5600 will act as immediate resistance for Nifty. Major resistance for Nifty is still at 5635 - 5650. Volatility is expected due to July F&O expiry tomorrow.
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