Nifty ended down on profit booking triggers - Mr. Mustafa Nadeem, CEO, Epic Research Pvt. Ltd.

Nifty ended down as profit booking triggers while Nifty makes a fresh all time high at 9913 while Sensex also hits 32k mark and closes above it. Nifty ended tad below 9900 making a bearish belt hold indicating a resistance at higher side. A bearish belt hold is a candle with a same open and high while close negative with a small shadow on lower side. This indicates the strength of bulls at higher side as open high remained same while closing was weaker.

The range for market was as similar to yesterday almost with 9900 being a psychological mark with some other technical parameters. Resistance in Nifty is at 9900 - 9950 while support is seen at 9750 - 9700.

The trend remains intact on upside towards 10050 mark in near term while Sensex hitting and closing above 32000 is another milestone. The 32000 mark was awaited since it is one of the projected level of previous swing which we have seen in 2015 - 2016 while it is completion of expansion as well. Going forward the 32000 mark should be sustained and breached on closing basis as any failure in the same would result a profit booking in near term. Participation from various sectors look weak since profit booking was seen while PSU banks continue to do well and we expect them to perform in coming sessions with positive bias.

Source : Equity Bulls

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