Sell off across
``DJIA a break and close below 10900 would mean that downsides have resumed and the recent pullback got over around the 200 DEMA. DXY delicately poised, weekly setups look encouraging as momentum picks up, a daily close past 75 should open up upsides till 77 which is the 55 WEMA,`` he added.
``Gold prices within striking distance of 1,911 highs, setups still look encouraging and a dash for the psychological USD 2,000 mark looks possible,``
``Sesa Goa (stop 218), RIL, Renuka Sugar stocks are looking positive for short term. Whereas, BSE Healthcare (stop 6,030 closing basis), ITC looks negative.`
The indices have closed at the upper end of the intraday range as the bulls were able to offer support at lower levels during the session. The intraday range specified for the Nifty between the 5120 / 4960 held as the Nifty bounced from the 4964 levels, thereby validating our intraday counts. The coming session is likely to witness resistance at the 5060 levels on advances above which the 5120 levels maybe tested (a low probability event as of now). Support is likely at the 4975 levels below which the 4915 levels maybe tested. The bullish pivot for the session is likely at the 5010 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 4985 levels below which declines may occur. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a smaller bodied bullish hammer, indicating the bulls cushioning the falls to a degree. Staying above the 5010 level with higher volumes and open interest will see the bulls getting a chance to markets higher intraday. The Nifty sustaining below the 4985 levels may trigger a fresh bout of declines.
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