Nifty Facing Strong resistance from a probable temporary top.

19 cze

Nifty Facing is seemingly facing Strong resistance from a probable temporary top. The high of today 23664 will not be easy to cross for now as the shift in the mood seems to be of profit booking. However if you look at FII and DII numbers very both positive and Nifty ended in negative. This can also be an indication of sectoral shift from the big players towards some large caps and other underperforming sectors from some sectors which were popular since last 2 to 3 months. Chemicals, Selective IT and Banking seem to be picking up steam. Resistance at the upper side are at 23579, 23664 and 23751. Supports on the lower side seem to be at 23491, 23364 (Important support) Mother line 50 hours EMA, 23336, 23201, 23050 and finally 22908. Below 22908 bears will take control of the market.