Market opened flat and traded volatile with most of Asian markets down to negative. As mentioned in yesterday's column it was all over a flattish negative day. Reliance lost its ground on yesterdays trade. While Bank index and realty too lost . AD ratio was in favor bears with 415 stocks advanced and 865 stocks declined on 1280 traded stocks. US and Europe markets closed positive. so lets see market movement on technical terms.
Nifty facing stiff resistance @ 4922 level of Fibonacci which we mentioned yesterday. Nothing changed on charts with yesterdays session.On pattern formation a bullish wolfe wave formed on nifty spot for a target of 4920 - 4930.It looks we will trade flat until afternoon session and a recovery possible in later session. 4894 need to hold for any upmove today where it can move to 4912/4933. Breaking 4868 will lead fall until 4848/4827.Auto ancillary package looks good for short term. Nilkamal/Omax auto/ Jmfinacial looks good for the day.
Nifty fut Break out levels :: 4866 and 4908
Happy trading!!!!!!!!
Jay
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