MAJOR RESISTANCE LEVELS: 5923-5959-5980
MAJOR SUPPORT LEVELS : 5879-5854-5823
MIDDLE TERM TARGET : 5760-5790
Indian markets opened steadily yesterday.It started to fall from noon. Nifty closed with 36 points loss on Thursday just as we predicted ( REF; NIFTY TODAY: EPISODE 223 ).
Nifty ( closing ) : 5896.95
Nifty is still bearish. Long positions should be taken carefully. Nifty may get support at 5870-5880 level. If it loose this level easily, there will be a big fall in Indian indices.
Nifty closed above Lower Bollinger Band level, 5870 and Middle Bollinger Band comes to 5998. MACD indicates strong bearishness. But, RSI ( 14d ) indicates 16% as clear ''oversold'' status which depicts a bullish market. Stochastics reveals a neutral trend right now.
The worries regarding possibilities for hiking Petrol, Diesel prices may affect the Indian markets. IOB, BPCL and Hindusthan Petroleum gave hint for increasing fuel prices by February 16.
US markets closed steadily. European markets closed in red last trading session. Asian markets opened with loss in the morning. Brent Crude prices decreased slightly. Indian Rupees traded steadily against dollars on Thursday.
India VIX closed at 15.09 with 0.33% decrease.
GOOD LUCK............................
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