Today Nifty opened with negative bias and breached levels of 7000 in early trades, made low of 6967, than we have seen sharp upward tick towards morning high of 7062 with help of banking shares, and positive momentum continued for rest of the day, finally Nifty manage to close at 7132 level which is yesterdays second half high. overall today nifty was very volatile.
For tomorrow trend for Nifty will be positive If manage to sustains above 7100 in futures, we may see level of 7200 by tomorrow if its cross 7160 levels, swing traders can hold nifty long position with stop loss of 7020 & positional traders can reverse position above 7208 levels. for long term Nifty will be range bound till its in range of 7000 to 7200, closing below or above will decide further direction.
Support - 7020, 6970
Resistance - 7160, 7200
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For tomorrow trend for Nifty will be positive If manage to sustains above 7100 in futures, we may see level of 7200 by tomorrow if its cross 7160 levels, swing traders can hold nifty long position with stop loss of 7020 & positional traders can reverse position above 7208 levels. for long term Nifty will be range bound till its in range of 7000 to 7200, closing below or above will decide further direction.
Support - 7020, 6970
Resistance - 7160, 7200
Thank you for visiting my blog, If you have any query please comment below.
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