Nifty may trade between 5650-5700: Aditya Birla Money Nifty opened with an upside gap and traded strong edging higher towards 5625 levels before closing off highs at 5593 levels. Support at 5550 is crucial for the day; as long as it holds, the index could edge higher towards 5650-5700 levels. However, if support at 5550 fails to hold, the index could witness a fall towards 5500-5450 levels. Daily momentum is turning after testing over bought zone at 80 while weekly momentum continues to decline; the index is thus likely to face resistance at higher levels. As long as support at 5550 holds, the index is likely to trade with positive bias towards 5650-5700. Bank Nifty opened with an upside gap and traded strong closing higher by almost 8 percent for the day. For the day support at 9580 is crucial; as long as it holds the up move could continue towards 9800-9900 levels. On the lower side any dip is likely to find strong support at 9650-9630 zone. With the sharp rise seen yesterday, the weekly momentum has turned positive along with daily momentum. Thus convergence in both time frames is likely to keep prices underpinned. As long as support at 9600 holds, the index is likely to trade with positive bias towards 9800-9900. Disclaimer: The views and investment tips expressed by investment experts on moneycontrol are their own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Posted on: Fri, 06 Sep 2013 03:54:44 +0000
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