Last time, we had suggested a possible short covering rally could come in the market if Nifty goes above 19482.
That is what we saw on 5th morning, when Nifty opened gap up at 19521... made a low of 19487 and then came the short covering rally.
That rally closed the week at 19653 just a tad below 21 day EMA.
& there is a big Political NEWS of Israel war looming ahead of us on Monday morning.
Traders might not have foreseen this coming and there could be adjustments made possibly Monday morning. It would be best to let the market settle first.
There could be cues from price action in Crude Oil prices and Gold prices. If Brent crude goes above 90 then there could be further downside pressure trigger for our markets. If not we might see a bounce back after the initial knee jerk reaction.
Important levels which may act as Support and resistance for the day
Imp levels on the upside: 19720 / 10854 / 19878
Imp levels on the downside 19576 / 19458 / 19333
ONGC could take support at current levels and look for a push possibly towards 200 - 220 in coming days
Take care & safe trading...!!!
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Disclaimer
-The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
That is what we saw on 5th morning, when Nifty opened gap up at 19521... made a low of 19487 and then came the short covering rally.
That rally closed the week at 19653 just a tad below 21 day EMA.
& there is a big Political NEWS of Israel war looming ahead of us on Monday morning.
Traders might not have foreseen this coming and there could be adjustments made possibly Monday morning. It would be best to let the market settle first.
There could be cues from price action in Crude Oil prices and Gold prices. If Brent crude goes above 90 then there could be further downside pressure trigger for our markets. If not we might see a bounce back after the initial knee jerk reaction.
Important levels which may act as Support and resistance for the day
Imp levels on the upside: 19720 / 10854 / 19878
Imp levels on the downside 19576 / 19458 / 19333
ONGC could take support at current levels and look for a push possibly towards 200 - 220 in coming days
Take care & safe trading...!!!
Like and Follow
Disclaimer
-The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
