Markets opened on a flat note and traded with negative bias through out the day to close in the negative territory.
On the daily charts, indices have tested the crucial support levels of 4950 but have managed to close above it. In
the coming trading session if indices trade convincingly below 16577 / 4940 levels then it is likely to trigger our
stop loss of 4930 mentioned in the weekly report and test 16470 – 16350 / 4900 – 4860 levels. A bounce from
current levels up to 16740 – 16800 / 4980 – 5000 can be expected as the hourly chart is in an extremely
oversold territory.
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