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NIFTY HAS RESISTANCE ON 5050-5075
After the news of the bailout package for European countries which is announced on Monday. Nifty has rallied around 200 points from its lower levels, but now nifty may lose strength of this rally around 5050-5075 levels. Nifty has closed at the level of 50 moving day's average line, which is a resistance for Nifty in the morning session.U.S. Market rallied more in last night but lost maximum gains due to profit booking on higher levels. Asian markets also trading mixed and Sgx nifty is trading 4990 at this time. Nifty option data indicates that 5000 is the crucial level in September series. If Nifty holds 5000 level in morning session, then after the indication of European markets may vary. Due to expiry of September series on Thursday, Market may be choppier for next two days.
After the news of the bailout package for European countries which is announced on Monday. Nifty has rallied around 200 points from its lower levels, but now nifty may lose strength of this rally around 5050-5075 levels. Nifty has closed at the level of 50 moving day's average line, which is a resistance for Nifty in the morning session.U.S. Market rallied more in last night but lost maximum gains due to profit booking on higher levels. Asian markets also trading mixed and Sgx nifty is trading 4990 at this time. Nifty option data indicates that 5000 is the crucial level in September series. If Nifty holds 5000 level in morning session, then after the indication of European markets may vary. Due to expiry of September series on Thursday, Market may be choppier for next two days.
