As predicted in last week's post, the market did find support at 5268.15 and bounced back from there. The immediate resistance is at 5410 and then at 5495. The short term bearish sentiment will reverse only if the market trades above these hurdles for longer periods and good volumes. The immediate support is at 5330 and 5269. The key level to watch is 5210. Below 5210, stop loss will get triggered and new shorts will be built in the system, giving up all the recent gains. However, the market seems to be at the lower end of the new range (from 5210 to 5650) which will be confirmed if it holds above 5210 throughout the week.
No comments:
Post a Comment