Today Nifty opened marginally positive but succumbed to tremendous selling pressure as the session progressed and ended with a loss of 132 points at 5988. The bounce that we witnessed yesterday did not last long. It is now placed near the support of 5937. A breach of 5937 can intensify the selling but if Nifty sustains above 5937 then we may see a minor bounce back. In case a bounce is in place it would serve as an opportunity to sell as the Nifty continues to appear weak and there may be a possibility that it can drift down to 5840 at least and below that 5760 is a possibility over the course of next few weeks. On the higher side now the levels of 6060 and above that 6112 would serve as a stiff resistance. In conclusion our view for short term remains bearish and we advocate an approach of exit on any bounce.
Published by geplcapital
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