Nifty Tips:- In the previous session, The NSE main index Nifty 50 registered gains of +55.85 points or +0.63% to close at 8879.10. The index opens gaps higher in the morning and keeps the gaining momentum active to marks the day high of 9030.35 in the first halves. The index in the second halves, off from the day high taking resistance from the level of 9050 give up almost half of its early gains by the day end.
Day Trading:- The Nifty index modestly gains after a wipeout of the morning gains signs of stronger selling pressure on the higher level. The intraday trading strategy is to sell on the bounce and add more shorts below the level of 8800 and if the support level of 8800 is not violated then we can expect some bounce back to the levels of 9000.
As our levels decode the daily market movements in simple support and resistance levels with high accuracy. So we recommend keeping the below levels at the back of your mind before going for the intraday trading.
Nifty Support and Resistance Level:- The index has immediate resistance at 8920 above this it may retest the level of 8975-9050 to the upside. Whereas below the level of 8800 it is looking weak and may retest the support level of 8720-8640 to the downside.
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