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Trade Setup | Is Nifty50 in for more of a bumpy ride?
Solid support continues to be at 15,700-15,600 levels which coincide with the 50-scrip index’s 89-day exponential moving average on the weekly chart, Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, tells CNBCTV18.com. “We are not completely out of the woods but at least well above the crucial support zone,” he says.
On the other hand, he sees a cluster of resistance around the 16,400-16,500-16,600 band. One should avoid being complacent unless these levels are crossed, he says.
“We are clearly mirroring US market sentiments and hence, if the market has to move higher, global relief is the key… One should certainly be prepared for surprising moves on either sides.” (Read more)
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