Now it is important that the Nifty sustains above its 200-day SMA and also moves above its 50-day SMA for buying support to gain momentum. It is important that follow-up buying support materializes at higher levels for the markets to sustain above these important levels.
It is also important that the rupee stops depreciating otherwise it could spoil the sentiment. The Nifty’s 200 day SMA support on weekly charts is placed at 4826, which should act as good support level for the Nifty. However, if the Nifty fails to take support at this level then it is likely to move lower and possibly test the 4742 level. In the meanwhile, the markets would take cues from the rupee, global markets and the crude prices.
Technically, on the upside BSE Sensex faces resistance at the 16782, 16912, 17319, 17504 and 17665 but seeks support at the 16517, 16037, 15450 and 15000 levels. The support levels for the Nifty are placed at 5065, 4950, 4824 and 4777 while it faces resistance at the 5090, 5106 and 5250 levels. Investors should wait and watch...FOR MORE ACCRATE AND LESS CALLS IN FUTURES AND OPTIONS - JOIN US @ 15,000 for 12 months - mail us at sokhitrading@gmail.com
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