Nifty outlook by Epic Research

Nifty ends down and gives up 1st-day gains of the year as well due to negative global cues and think trading. The volume in the market was seen higher today as compared to the last 4 days while it was seen utilized for profit booking as Nifty continued to resist at 10900 levels.

This was the third test of 10950 – 10930 and failure of bulls was seen with triple tops being formed at 10900 zones. Technically, there are two important supports now for Nifty which is placed at 10700 and 10625. between this we should be seeing a bounce back while a close below 10625 would call in an aggressive bearish momentum to lower levels of 10100 – 10150. A rise in volatility further indicates the hedge being created at 10800 – 10900 levels.

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Posted in: Indian Market Tips