Nifty: Expect a move towards 5300 or lower
The down moved continued today as expected, The Nifty broke the 5370 – 5400 trading range it had created. The Bank Nifty was the big contributor to the down move today closed about 2% lower. The Nifty closed at a crucial support level of 5350, however given the way the market is setup we could very well see a breach of this level and a move towards 5300 and lower. Mohit Gaba has initiated short positions on the Nifty and would not be surprised if Nifty moves even towards 5200, but that would take a few days
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Mohit Gaba is a Technical Analyst and Trader. He has previously worked as a relationship manager at Citibank N.A (Dubai) and portfolio manager at ES Bankers Dubai Pvt. Ltd. After returning to India, he rejoined his father within the capital markets and has cleared the IFTA exam and is now a Certified Financial Technician.
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
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