Future Outlook: The coming week being a truncated one coupled with F&O derivative expiry we are likely to witness volatile sessions. Market undertone has turned negative.
At present the immediate support for index at 5618. Normally 200-day SMA act as support for prices, hence bounce cannot be ruled out.
On the upside, if nifty spot manages to close above 5700 with good volume then we may witness a rally up to 5800 – 5870 levels. On the other hand if nifty trades below 5631 the next support for nifty is at 5550 levels.
Broadly,I expect some bounce back from current levels or from the 200-day SMA.
However trend remains down hence I expect that rally may attract selling pressure. Hence one should adopt cautious approach at current level
At present the immediate support for index at 5618. Normally 200-day SMA act as support for prices, hence bounce cannot be ruled out.
On the upside, if nifty spot manages to close above 5700 with good volume then we may witness a rally up to 5800 – 5870 levels. On the other hand if nifty trades below 5631 the next support for nifty is at 5550 levels.
Broadly,I expect some bounce back from current levels or from the 200-day SMA.
However trend remains down hence I expect that rally may attract selling pressure. Hence one should adopt cautious approach at current level
