9:38 AM
Unknown
NIFTY opened gap higher and rallied almost continuously
to end the session with a gain of nearly 60 points
yesterday.
As the index moved well above the resistance level of
5550 signalling a short-term recovery, further gains
towards next resistance near 5610 and 5633 levels seem
possible in the coming 1-2 sessions.
However 14-day RSI is positioned at the neutral zone
while the Stochastic (14/3/3) is turning down from the
overbought territory after forming negative divergence
which indicates that the fall from the recent high of 5740 is
still in place.
Hence prices are likely to face stiff selling pressure at the
said levels and remain subdued towards 5500 and lower
eventually.
On the downside, immediate support is identified at 5556
to keep the prevailing positive tone intact.
SELL At high levels or exist from Long useing the rally
