Dead Cat Bounce, closed above 8000.
Yesterday Nifty started with
flat to positive note, but in the second half trading session we saw a dead cat
bounce which take Nifty to closed higher up by 125 points ended at 8033 level.
It was a temporary recovery in Index after a substantial fall. Technically
index is trading below 20 DMA and 50 DMA, indicate index still unable to find
the support level, but index has closed above the neck line of the head and
shoulder pattern, which would be a relief session for investor. For bulls to
resume Nifty must closed above 8220 level, on the flip side 7900 will act as strong
support level. This week will we can see more volatile into the market due to
ahead of F&O expiry, it would be tuff fight between bull and bear.
For today, any trade below 8020 level Nifty can fall
towards 7900, If Nifty closed below 7900, the one can sell for the target of
7600.
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