MAJOR RESISTANCE LEVELS: 5959-5985-6027
MAJOR SUPPORT LEVELS : 5906-5862-5839
MIDDLE TERM TARGET : 5760-5790
Indian markets opened steadily and showed a steep increase from noon. Nifty gained 42 points with 0.70% increase. ONGC, DLF and ACC were the top gainers in Nifty. Among them, ONGC gained 4.33% due to fuel price hike.
Nifty (closing): 5939.70
Nifty may open in green today. But, it is still at bearish zone. Long positions should be avoided today. Nifty may get proper resistance at 5975-5985 range and support at 5845-5860 range.
MACD indicates bearish trend. RSI turned to neutral from ''oversold status'' ( bullish). On the contrary, Stochastic turned from 'neutral' trend to 'bullish' trend. Moving Averages still indicates bullish trend on long run. Middle Bollinger Band stands at 5974 and Lower Bollinger Band lies at 5846.
US and European markets showed a buying trend last day. Asian markets closed with mixed trend on Tuesday. Brent Crude prices decreased slightly. There was no currency trade with US Dollar yesterday as it was holiday in US.
Industrial body, ASSOCHAM requested to call off the two-days strike which has been declared by trade unions. It mentioned that this strike will lose 15000- 20000 crores of GDP. Each and every nation strives to increase their GDP. In this context, India lose it silently due to over influence of politics. India will never be a developed country with this comprehensive and unwise political views.
India VIX closed at 15.81 with 2.95% decrease.
GOOD LUCK...........................
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