Markets opened higher but were unable to sustain the gains which led the indices to close in red. On the sectoral Healthcare, Consumer Durable ended with decent losses whereas Auto and IT ended with marginal gains. The advance decline ratio was in favour of declining counters (Advances = 1120/ Declines=1304).
Nifty Spot
- Exactly correct sharp from high, as per yesterday message box post, and hold support..
- NSI in down trend..
- Short term indicator slightly turn down from overbought region with negative divergence..
- Overall short term momentum bearish required breakdown of double bottom 6146..
- In intraday treading on 21st May. Wait & Watch important support 6146.. Below it sell for small with S.L 6168 OR use Sell at high strategy near resistance with S.L 6229
- Resistance for up move at 6168//6214/6229
- Supports at 6146/6115/6105
Future Outlook: If nifty trades and close below 6146 then In such scenario indices may test 6000 – 5950 levels. & if indices trade above 6229 levels. In such scenario nifty may resume uptrend and test 6250 – 6300 levels.
the undertone is positive in the market and there is high probability that buying at lower level is likely to emerge.
