FOR THURSDAY’S INTRADAY TRADING PURPOSE, SPOT NIFTY FINDS INITIAL SUPPORT AROUND THE DIWALI DAY LOWS OF 5660 BELOW WHICH 5656 MAY PROVIDE THE REAL SUPPORT. FAILING TO SUSTAIN ABOVE THIS CRITICAL LEVEL OF 5656 MAY SEE SPOT NIFTY SLIDING TOWARDS 5645 FOLLOWED BY 5635 TO 5630 AND THEN TOWARDS 5620 SPOT LEVELS THAT MAY SEE THE BULLS CHARGING IN FROM ALL DIRECTIONS TO SHUNT THE BEARS OUT OF SIGHT.
SIMILARLY ON THE HIGHER SIDE IN CASE BULLS MANAGE TO PUSH NIFTY UP TOWARDS THE INITIAL RESISTANCE OF 5677 AND SUSTAIN ABOVE IT THEN ONE MAY NOTICE THE INITIAL BOUT OF SHORT COVERING BY THE WEAK BEARS TO PUSH NIFTY SPOT TOWARDS 5687 TO 5697 SUSTAINING ABOVE WHICH WILL TRIGGER MASSIVE SHORT COVERING TO PROPEL NIFTY TOWARDS 5707 INITIALLY AND IF BULLS ARE ADAMANT THEN EVEN HIGHER LEVELS OF 5717 TO 5722 MAY BE TESTED TO SEE NIFTY SPOT CATAPULTED OUT OF THE UPPER CHANNEL FOR MUCH HIGHER LEVELS. DOW WILL BE FORCED BY ITS OPERATORS TO REMAIN WEAK TO INDUCE NEGATIVE SENTIMENT FOR THE ASIAN MARKETS WHICH SHOULD BE MADE FULL USE OF TO BUY FOR GREAT GAINS IN THE MEDIUM TO LONG RUN.
SIMILARLY ON THE HIGHER SIDE IN CASE BULLS MANAGE TO PUSH NIFTY UP TOWARDS THE INITIAL RESISTANCE OF 5677 AND SUSTAIN ABOVE IT THEN ONE MAY NOTICE THE INITIAL BOUT OF SHORT COVERING BY THE WEAK BEARS TO PUSH NIFTY SPOT TOWARDS 5687 TO 5697 SUSTAINING ABOVE WHICH WILL TRIGGER MASSIVE SHORT COVERING TO PROPEL NIFTY TOWARDS 5707 INITIALLY AND IF BULLS ARE ADAMANT THEN EVEN HIGHER LEVELS OF 5717 TO 5722 MAY BE TESTED TO SEE NIFTY SPOT CATAPULTED OUT OF THE UPPER CHANNEL FOR MUCH HIGHER LEVELS. DOW WILL BE FORCED BY ITS OPERATORS TO REMAIN WEAK TO INDUCE NEGATIVE SENTIMENT FOR THE ASIAN MARKETS WHICH SHOULD BE MADE FULL USE OF TO BUY FOR GREAT GAINS IN THE MEDIUM TO LONG RUN.
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