R K Global’s report on Nifty-
Nifty ended with 127 points down at 5980.45 with a bearish black marubozu candle. It failed to hold its upward momentum and reacted down from its trend line resistance. Along with broader index all the sub indices closed on extreme bearish note. We believe this retracement might get extended further till 5860 though, mid way crucial support is seen at 5945 below which down ward momentum will get accelerated further. After such a selloff in a single day we don’t recommend any one going long rather wait for a bounce back till 6010-6020 level where one can go short. Bank Nifty:
Bank nifty failed to breach 12900 and reacted down sharply till 12546. It finished off the session with a big bearish candle just above crucial support level of 12450. We believe the way it reacted down from that heavily traded area (12800-12900) it could breach 12450 in coming sessions also. So one need to be cautious on rise and avoid any kind of aggressive buying. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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