As sizzling sentiments after most surprising defeat of BJP in Delhi Elections therefore intraday volatility is being seen today because:-
1- Most traders have become Bearish after yesterday sharp fall and devastating defeat of BJP in Delhi Elections today.
2- Up moves were seen immediately after opening to compel small traders for short covering.
Following levels should be watched now:-
1- As selling between 8590-8640 today therefore until Nifty will not sustain above 8640 till then next up moves will not be considered.
2- As selling between 8565-8605 yesterday therefore once slipping below 8565 will mean again sharp down after follow up selling in resistance ranges.
As trend retracement possibilities remain high at crucial retracement levels therefore have been updated yesterday in both previous Outlooks and should be watched for next trend confirmations.
1- Most traders have become Bearish after yesterday sharp fall and devastating defeat of BJP in Delhi Elections today.
2- Up moves were seen immediately after opening to compel small traders for short covering.
Following levels should be watched now:-
1- As selling between 8590-8640 today therefore until Nifty will not sustain above 8640 till then next up moves will not be considered.
2- As selling between 8565-8605 yesterday therefore once slipping below 8565 will mean again sharp down after follow up selling in resistance ranges.
As trend retracement possibilities remain high at crucial retracement levels therefore have been updated yesterday in both previous Outlooks and should be watched for next trend confirmations.