Thursday, August 11, 2011
SGX NIFTY & NIFTY ON 11-08-2011
SGX Nifty closed in Red. So Nifty here may Gap down. Markets are trying to find foothold above the recent lows and may test 5050-5000 levels.
Fibonacci Retrace levels of the upmove are given in chart , Volume profiles may not work well now due to gap up and downs but 5075 apprx may act as initial support if trades below 5100 , above 5160-65 has emerged as a HVN and will act as a good Resistance , Dont be short above it . Can keep 5100 as SAR and trade the chart tmrw. Though 5000 or 5050 has good chance of holding on closing basis , Below it may well be all Red. Trade very light , cut positions fast till the Market settles in a new range. Better Stay Away.