July 09,2020 Stay alert! Nifty bounces not showing any increase in momentum.

Nifty is likely to see a tentative start to Friday’s session. The 10,850 and 10,885 levels will act as strong resistance points, while supports will come in at 10,730 and 10,650 levels. The current technical setup indicates that any downward movement is likely to widen the trading range.

All and all, the up-moves in the markets are not coming with increased momentum. Though traders may continue to follow the trend, they should keep in mind that unless Nifty moves past the 200-DMA convincingly and closes above it, the market will continue to remain vulnerable at higher levels.

Such a technical situation makes it important that we continue to vigilantly guard profit at higher levels.

Nifty Bank (22586) Technically now a slide to 21877 is possible…stiff resistance exists at 22956’  the Nifty can climb to around 24228 in days to come as long as 22432 holds… 

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