Nifty at 'Crossroads'

The Nifty movement was quite pathetic today. In fact my intraday observation was that while market was supposedly positive, many stocks were witnessing profit booking. The Advances to Decline ratio too was negative.

The technical charts suggest that the Nifty is again at the crossroad. It has got resistance from a medium term support line, which incidentally is also near to the previous high of 5300.



Consider immediate intraday support at 5170 below which profit booking may be seen. Upmoves may be used to exit longs especially in frontline stocks.

Midcaps remain positive and full of activity. Many of such midcaps are to be discussed today in ITG meeting.

I would watch for 'sector' specific movements !

Happy Trading

CA Rajiv D Khatlawala
ValueTrade Academy
www.investogyan.com