Wednesday 20 June 2018
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7 months ago

Prudent Morning Mantra 15 11 17

Today morning, Asian markets are trading with cuts of 0.3%-0.8% and SGX Nifty is suggesting about 30 points lower start for our market. Just to reiterate, we had given downside targets of 10250 and 10180 after immediate support of 10380 was taken out. Nifty, after achieving first target on Monday, extended the fall yesterday to touch a low of 10175 before closing at 10186, achieving the second target and vindicating our view. However, Nifty is expected to open below 10180 today and in that case we will have to search for next support levels. 10160 is where 34-DMA is placed, making it the next important support. If that gives way, 10090 and 9995, which are the 50% and 61.8% retracement levels of the entire 9690-10490 upmove, would be next downside targets to eye. Meanwhile, immediate resistance on the hourly chart has moved lower to 10280, with the stop-loss of which, trading shorts should be held on to.

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