Nifty-Inside bar candle, closes above critical support level
Nifty closed with a green candle making a strong recovery from intraday lows. It showed strength not breaching yesterdays low and closing with a green candle. PCR at 0.65 (below 0.7) gives a contra indication of a strong pullback. Indide bar could give a strong upward move provided the momentum breaches on the upside.
FIIs sold for -6267cr and DII bought for +2881cr net -3385cr reduced upward momentum considerably.
CPR is narrow tomorrow so a trending day is expected. SGP futures indicates a flat opening above CPR tomorrow, so CPR will act as a strong resistance. The upside targets 17242/17625. If 17k is breached, then 16900 will act as a strong support.
FIIs sold for -6267cr and DII bought for +2881cr net -3385cr reduced upward momentum considerably.
CPR is narrow tomorrow so a trending day is expected. SGP futures indicates a flat opening above CPR tomorrow, so CPR will act as a strong resistance. The upside targets 17242/17625. If 17k is breached, then 16900 will act as a strong support.
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