Indian markets felt the Korean Tremours. Today North Korean fired dozens of artillery at one of the South Korean Island. In return of South Korean also fired. After after some hours the battle between the Korean settled, but till that it had done major blast in the Equity markets. It felt that the Koreans had fired our Bse and Nse exchange too. Sensex tumbled down nearly 600 points to make a low of 19342. Nifty tanked nearly3 % to make a low of 5824. Both the Indices recovered some of their lost ground to settle at 19691 down by just 270 points and Nifty at 5934 down by 75 points.
If we look at the chart, we can see that the nifty in the last 3 trading session closed above the trendline. Infact if we take the retracement levels, the 23.60% retracement levels comes nearly at the same levels. Today Nifty after recovering made a HAMMER like pattern. Nifty close below that trendline will take the nifty to 5700 levels. The trend is still very confusing as the Chart shows that the NIfty is still in the hands of the bears and close below the trendline will be bad, but the last sessions hammer like pattern may also trigger the shorters to cover up their shorts. But the confirmation will come only after tommorrows trading session. Nifty will find support at 5800 and resistance at 5980 levels.
Buy bajaj Auto above 1605 SL 1585 tgt 1614-1622-1630.
Short BOI below 468 tgt 463-455 SL 475.
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