Nifty Placed At Crucial Support: Caution Ahead!!

Date: 22-04-2019

nifty outlook
Thursday:The Index opened on a strong positive note as expected, touched a historic high of 11856, and traded strong initially, but it was short lived and, finally ended in a 11752.80 near to our support. All the sectors closed in the red as A/D ratio was negative. The bulls tried to hold the grip, but due to selling off at a higher level and a long weekend hit the market negatively and drag it towards southward. The bulls struggled hard to recover, but the market closed near its day's low. Technically, the trend is still intact as long as it holds above 11730. It has made a similar to "Bearish Marubozu" candlestick pattern suggests some more sluggishness could not ruled out. So, We advise do not jump in a hurry, because the market mood could swing anytime amid Result Season and General Elections. The market is likely to remain fragile till the mid May. The market is overstreched and a correction is overdue and it is likely to happen anytime. A defensive approach is the demand of the current set up. Be selective to pick breakout stocks as We may face many false breakouts. Protect your profit at higher levels, Be Rational, sit with cash, adopt a stock specific approach and enjoy the market.

Today: The Market is likely to Start the Day on a Negative Note following the Asian Markets Cues. The Nifty strong support is placed at 11730-11700 levels, and it must be defended by the Bulls on the closing basis to remain in action, Whereas, 11800 would act as a stiff resistance for now.

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