Today nifty seems to be one more Range Bound Movment.The graph indicating the above is clearly showing this fact.The market opens just a marginal discount(Many were expected Gap Up opening) So the day is going to witness either a choppy trade or Range Bound.
We have to look out the Dollar index for any erratic movement / volatality in the Market.
NFTY-Today levels
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S 2-5060.55
S 1-5086.25
Pivot-5116.30
R 1-5142.00
R 2-5172.05
S 2-5060.55
S 1-5086.25
Pivot-5116.30
R 1-5142.00
R 2-5172.05
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The market should sustain above today's pivot i.e -is 5116 level for bullish trend and it has to cross-over '5162' than only the upmove is possible.There is a hurdle in 5184 and 5208...cross over of these levels will bring a fresh buying and the market would possibly Uproar.
The market is as of now trading less than the pivot and i am expecting it will cut 5080.00 level and when it cut 5062.00 (20Dma) with volumes ,it will create panic among bulls and that may faours the Bears.
Asian markets are still in red and that shows strength for bears. Today bank nifty showing some weakness...is there any bad new's?? we have to look out this too. Agressive trader can go short around 5120 levels and keep 5127.00 as a strict stop loss.You may possibly gain 40 -60 points in intra day .
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