Supports @ 5540-5370
Resistances @ 5840-6030
Last Week we mentioned, Nifty is Bearish for short term below 5970 and makes downside target of 5830-5700 if Fails to cross 5970. This week, Nifty broke Strong short term triple bottom support of 5700 with huge volatility and clearly in bearish zone. Nifty created a good base @ 5350-5540 before moving towards 6240 in Sept which will act as strong support in near term. In Addition, 200 DMA which Stands @ 5604 will be closely watched. Nifty Spot Strong/Weak Above/Below 5840. Most of the oscillator Indicators are oversold which indicates some short covering. It was the interesting week for the share market not from the point of view of its correction but from the point of view of volatility. Now Strong Resistance @ 5840-6030 & Strong Support @ 5540-5370. Fresh Buying & Selling will come near Support / Resistance or @ Trend reversal. Traders should trade in less quantity as per level due to high volatility. Medium term Support @5540-5370 crucial for medium term Investors. Long Term Still Bullish.
" Trade with Levels not with Hope "
Regards,
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