9:17 AM
Unknown
NIFTY rallied towards the resistance level of 5654 initially
however sold off steadily and ended the session with a
loss of nearly 47 points.
As yesterday’s fall wiped off all the gains witnessed on
Tuesday and pulled the index back towards the support
level of 5551, further mixed to weak tone which could test
the last week’s low of 5497 seems possible in the shortrun.
Break below it finds strong support near 5450 (61.8%
retracement for the rise from 5252-5740) subsequently.
The 14-day RSI is staying mixed near the neutral zone
while the MACD (12/26/9) and Stochastic (14/3/3) are
below their signal lines and trending down which would be
supportive for the same.
On the higher side, stiff resistance is likely to be seen near
5596/5610 zone on any immediate gains.
Sentiment is likely to remain weak towards 5497 and lower in the
short-run. Stay short with a stop of 5600