For the day traders, the important levels to watch for on Nifty are poles apart, 17,153 and 17,464.
The reason to watch out for these levels on a closing basis is that Nifty’s uptrend negates if it closes below 17,153. However, if it defends the intraday lows and rallies and closes above 17,464 then the trend remains positive.
The SGX Nifty is indicating a 200-point gap down. On days like today, it has been noticed that the SGX Nifty low holds. So on the Nifty50 Futures 17,255 becomes a sacrosanct number, that may not get breached. Because after the big gap down, the problem for this market is follow through. The market moves on one side and then it traps people and then it moves on the other side.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.
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