Nifty - Some consolidation on cards, support 9370 - 9410,
Nifty has rallied over 450 points in two sessions, consolidating Dow may make Nifty to consolidate too.
Post weekly settlement, discount in June Future series is not very comfortable, yesterday's nifty OI addition was only 4.49%, this also indicate some pull back or consolidation.
Important levels are mentioned on the chart.
Daily RSI closed above 50, EMA on RSI continues in BUY only. I guess the uptrend continues just some profit booking pull back can be expected.
Trade with CAUTION, do consult your financial advisor before taking any leveraged position in financial markets. I personally never take nor recommend any naked positions in the market, prefer risk defined strategies or strangles / straddles.
Post weekly settlement, discount in June Future series is not very comfortable, yesterday's nifty OI addition was only 4.49%, this also indicate some pull back or consolidation.
Important levels are mentioned on the chart.
Daily RSI closed above 50, EMA on RSI continues in BUY only. I guess the uptrend continues just some profit booking pull back can be expected.
Trade with CAUTION, do consult your financial advisor before taking any leveraged position in financial markets. I personally never take nor recommend any naked positions in the market, prefer risk defined strategies or strangles / straddles.
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