Nifty opened with a downside gap and traded with weak bias as expected falling towards 5870 levels. For the day resistance at 5910 zone is crucial; as long as it holds the index is likely to trade with negative bias towards 5850-5800 levels. Daily momentum has given a negative crossover at overbought zone while the weekly momentum continues to rise. Thus conflicting momentum on two time frames is likely to keep the price action choppy.
In the larger picture, the index has once again failed to breach past the multi month resistance at 6100 zone. Nifty is likely to trade with negative bias towards 5800 as long as resistance at 5910 holds.
Bank Nifty traded with weak bias as expected falling towards advocated support at 10200 levels. For the day resistance at 10330 zone is crucial; as long as it holds the index is likely to trade with negative bias towards 10000 levels. Daily momentum has given a negative crossover at overbought zone while the weekly momentum continues to rise. Thus conflicting momentum on two time frames is likely to keep the price action choppy.
Bank Nifty is likely to trade with negative bias towards 10000 as long as resistance at 10330 holds.
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Nifty may trade with negative bias towards 5800: A B Money
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