Posted By : Kishore B.S
Nifty was up by 120 points on Monday, Tuesday it was down by 56 points. The half a % gain already lost. Last week, on Monday nifty was up by 100 points and dragged for the next four days and closed below 6000.
It is very important to note that nifty is facing a lot of resistance at 6130 and 6200,Hence it is an advised to stay away from the market because if it breaks the 6000 levels and closes below, short position can be taken or buying puts. Down side once it breaks 6000 target will be 5900 and 5850.Bank nifty was outperforming the nifty from last month but from Monday there is a huge delivery based selling happening in some of the frontline banks, therefore unless Bank Nifty breaks its important resistance at 11290 no long position would be advised.
Today SGX Nifty indicates a flat open, the global market are hitting their lifetime high, Nasdaq index closed its 13 years high.