Nifty : The index pulled back yesterday as we have previously mentioned. The pullback may continue in today’s session as well. The next resistance is placed at 10440 – 10450 levels. Nifty may find hard time to move above these. If long, positions can be booked at these levels. Price action formation here will define further course of action. If nifty reverses down form the above levels it may test 10090, 9990 levels.
However a move above 10450 may further push Nifty to 10500 – 10525 levels. Overall trend is down at this moment.