Nifty- Rejection at camarilla R3,Fills gap,Takes support at50EMA
Nifty faced immediate rejection at camarilla R3 pivot, it had breached and closed above 17757 yesterday, today it came down from this level. After filling the Gap during the day, it fell steeply end of the day to take support at support pivot level 17520, closing just above it. Incidentally this support coincides with 50EMA, making it an even stronger support. Nifty is still trading above all the three EMAs 50/100/200, so direction is still bulllish.
PCR for net week 0.61 contra indicates an upward move.
CPR is 58pts only, so narrow, tomorrow and we could see a trending market. If open is gap down, then CPR (17646/17618/17589) will act as a strong resistance.
FII sold for 1598cr and DIIs too sold for 371cr total 1968cr which shifted an otherwise sideways market to lower levels. Tomorrow, below 17520, the next support is 17310/16923. On upside, 17757/18171 are next resistances.
Let us see how much the markets consolidate before resuming the upward journey.
PCR for net week 0.61 contra indicates an upward move.
CPR is 58pts only, so narrow, tomorrow and we could see a trending market. If open is gap down, then CPR (17646/17618/17589) will act as a strong resistance.
FII sold for 1598cr and DIIs too sold for 371cr total 1968cr which shifted an otherwise sideways market to lower levels. Tomorrow, below 17520, the next support is 17310/16923. On upside, 17757/18171 are next resistances.
Let us see how much the markets consolidate before resuming the upward journey.