Trade Setup | Is Nifty50 in for extra of a bumpy trip?
Solid assist continues to be at 15,700-15,600 ranges which coincide with the 50-scrip index’s 89-day exponential transferring common on the weekly chart, Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, tells CNBCTV18.com. “We usually are not utterly out of the woods however at the least effectively above the essential assist zone,” he says.
On the opposite hand, he sees a cluster of resistance across the 16,400-16,500-16,600 band. One ought to keep away from being complacent until these ranges are crossed, he says.
“We are clearly mirroring US market sentiments and therefore, if the market has to transfer higher, world aid is the important thing… One ought to definitely be ready for startling strikes on both sides.” (Read more)