Closing price 10498
- Nifty has seen a sharp sell - off since Budget day
Do read our Budget day Post
- After a big gap down opening today, the Markets recovered substantially to close well off the lows
- With RBI Policy tomorrow will there be any positive surprises...???
Looking at charts...
There is series of resistance on the upside
10594 - 10665 - 10760 - 10820
- Any move on the upside needs to be watched carefully... there could be more selling pressure coming in the days ahead...
- We are still not out of the woods... SGX Nifty as I write is -76 points
- However On the lower side, further weakness will creep in only if we see Nifty closing below today's low of 10276.
- In that case, Doors will open up for Nifty to fall up to 10066 / 9820 / 9685 levels
There you go...
Important levels have been mentioned...
Plan your trade accordingly
Ideally would like to see Nifty giving a bounce back and would consider selling on rise if price action indicates rejection at higher levels
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Take care & safe trading...!!!
Intra day traders can look to book profits
The idea is still the same sell on rise & or if Nifty closing is below 10276
Hope the levels were helpful in planning your trade...!!!
Take care & happy trading...!!!
Suzlon has support at 12.6. Below that 11.5 / 9.8-9.3 zone
From longer term perspective, Suzlon will be strongly bullish once it surpasses above 18.5
How ever in the short term, it is difficult to suggest what will happen in 1-3 month time frame, especially when overall markets could be in for difficult times...
Have mentioned short term resistance and support levels for Suzlon
Look to book profits if stock comes at resistance levels
Buy on dips if your time horizon is longer
Hope it helps...