Hi Everyone...
As expected Nifty took support near 7400
mark as mentioned earlier and bounced back. After breaching the 7500 resistance
Nifty rallied further by almost 1% and closed at 7563.
As it has crossed the 7500 resistance the
next pit stop now is near 7610-7640.... and above that 7720-7740 remains very
crucial as the Nifty 7450 Straddle Break Even Point (on the first day of the
new expiry series yesterday) is also at the same level.
Currently the short term bias is continue to be positive (was changed
from bearish to bullish on 22nd Jan after the Last engulfing
pattern) with targets near 7610-7640-7730, and I think the midterm bias will
also turn bullish above 7730-40 levels.
Traders are advised to still be cautious as
India Vix (Volatility Index is still on the higher side @ 17.24% and trading
near a daily support.
Cheers
Hrishi
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