It can be called as a relief rally as Nifty is facing stiff resistance at the levels of 5330. Analysis of momentum oscillators suggests that bear onslaught is intact. Nifty is going to face support at 5200-5170-5155 levels.
The level of 5170 holds all the more significance as it happens to be its 200 day moving average (DMA) and any break of this level with volumes means that bears will emerge winner in taking the index down. The ideal opportunity to make money in the market is to use the money making tip and just trade like professionals and pocket the profit in less than 2 hours every day. The overall market breadth was negative as 1,707 stocks declined against 1,186 advancing ones, on the BSE. Volatility will be the order of the day as present week expiry is going to take place.
Analysis of derivative segment suggests that 5200-5100 levels in Nifty are likely to provide strong support to the index as fresh Put writing is being seen at these level in ongoing series in derivatives market.
Support and Resistances for the Day
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Strong future shares at National stock exchange
VIP Ind, Yes Bank, Bombay Dyeing, Welcorp, India Cement, Mcleodruss, Voltas, Tech M, Bata India & Unitech.
Weak future stocks at NSE
NCC, TVS Motor, Renuka, Adanient, HDIL, Finan Tech, DCHL, SRE Infra, Pantaloon & Tata Power.
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