9:16 AM
Unknown
NIFTY traded on a lacklustre note last session. Market
opened at 5582 and traded within a fairly tight range of
5597-5551 before settling marginally lower at 5567.
The 14-day RSI is moving flat near the neutral zone while
the Stochastic (14/3/3) is trending down below the same
after showing negative divergence.
Hence prevailing mixed tone is likely to extend and
gradually weaken towards the support near 5541 and then
the last week’s low of 5497 in forthcoming sessions.
On the higher side, 5597 and then 5654 act as immediate
resistance levels.
Break above the latter in the session ahead could extend
the last few days’ mixed tone towards the medium-term
resistance line near 5700 levels delaying the expected
weakness.
Above 5540 further mixed tone within the range of
5540-5630 seems possible in the near-term, the overall
sentiment is likely to remain towards 5497 and even lower
in the coming weeks.