As expected nifty Opened gap down below crucial support level 10950 and entire day trading below that. This is indicating lack of buying interest in traders.
Finally nifty closed near crucial weekly support level 10797.
On weekly scale, support exists at 10790. Today this level need to be watched.
Staying and trading below this 10790 level attracts fresh round of selling pressure.
Almost all sectors in selling mode. Markets in Sell on Rise mode.
Until nifty moves above 11000, avoid taking fresh long positions.
Global markets too witnessing selling intensity.
Crucial support 10791.
Next level to watch 10730.
- Suryadev Bandari, Research Analyst