Posted By : Kishore B.S
The markets tanked on friday in full force especially during the last hour of the trading session where the Indices touched the pivotal support zone of the 5882, though it didnt break that pivotal level yet the force of the fall was something that was quite unexpected.
After the fall on Friday the charts are indicating that the nifty has to hold the 5882 levels and if that happens a bounce back this week cannot be ruled out. The IIP data would set the ball rolling for the bulls or bears to rule supreme this week.
If the Nifty cracks the 5882 levels which is the pivotal trendline then we would drift further to the 5864-5816 levels, which is again an important support zone for the bulls to cautious look out for.
On the higher side a move past the 5938 levels would favour the bulls again which is the current target for the buys around the 5890 levels with stoploss of the 5864 mark.