SURYADEV BANDARI INTRA DAY VIEW (March 13)
Yesterday, Nifty retraced almost 61.8% retracement of previous fall from 10631-10141. These type of counter-trend move can not cross 75% retracement level. Hence, 10441-10525 strong resistance zone for today. Crucial support for nifty at 10335 spot. Below this Bears take nifty down to test 200 DMA 10100.
Yesterday, many stocks bounced as part of counter-trend move. These type of bounces have very little span of life, not sustainable. Technically, reached to resistance zone. As per Technical indicators, market trading at resistance zone and can resume down tredn any time soon. Major sectoral indices breaking key support levels, PSU BANK INDEX trading at 52 week low, indicating further weakness in sector. Midcap and Small cap indices too indicating the same. Any minor bounce faces selling pressure. we can witness huge volatility in market.
Clearly this is "Sell on Rally" market. Utilize every bounce to exit long positions and to build short positions for positional trade.
Nifty Resistance 10445-10525.
Key supports 10335-10275.
- Suryadev Bandari, Research Analyst