hi,
No wonder the markets were sectorally moving sideways. As I had doubts there was no full particiaption from all sectors in the upward movement, the markets gave wrong indication of sideways consolidation.
It broke my support levels mentioned and now bollinger bands giving an indication of downward consolidation. However, lets watch for a day or two if nifty can move above 7920/8005 levels and close there.
support : 7730/7660/7580
resistance : 7920 / 8005
P.S. Watch crude oil market. also look at the nifty midcap 50 for movement of nifty. I think midcaps 50 would be a great help for knowing the further movements of markets.. supp of nifty midcap 50 is 3042 /3009.. check out the levels and the rsi of it
No wonder the markets were sectorally moving sideways. As I had doubts there was no full particiaption from all sectors in the upward movement, the markets gave wrong indication of sideways consolidation.
It broke my support levels mentioned and now bollinger bands giving an indication of downward consolidation. However, lets watch for a day or two if nifty can move above 7920/8005 levels and close there.
support : 7730/7660/7580
resistance : 7920 / 8005
P.S. Watch crude oil market. also look at the nifty midcap 50 for movement of nifty. I think midcaps 50 would be a great help for knowing the further movements of markets.. supp of nifty midcap 50 is 3042 /3009.. check out the levels and the rsi of it
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