Nifty opened gap up on backup of strong global cues and traded flat until afternoon session, then witnessed a huge selloff where index closing near days low. Realty index again laggard for third session with bank index. IT and metal index performed well yesterday. Metal stocks surged on falling dollar index. Europe and US markets closed marginally -ve. Asian markets trading flat to -ve.Lets see some of the technical trigger today.
Nifty candle on EOD charts looks like inverted hammer or shooting star it will get confirmed with today's candle. If its inverted hammer yesterday's low will get support to break all previous resistance. Yesterday selling happened with good volumes. As said yesterday without hedging your position, it looks like catching a falling knife. Not much levels to watch today except 4847 and 4896. Many longers trapped @ 4895 range so if 4847 held today then we will hit 4895 in afternoon session. Once 4905 takes shorts will get covered this time. No longs if 4780 on nifty spot gets broken.Safe traders can wait until budget to enter in cash market.
Nifty fut Break out levels :: 4827 and 4895
Happy trading !!!!!!!
Jay
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