Hi All,
Sincere apologies for not updating the blog for few weeks, was caught up in something.
Personal Market View -
Nifty, after my last market update on 26th July, has traded sideways and in he range of 8700-8500 for almost a month and finally broke out on the higher side and created a 52 high of 8968-70 couple of days back.
Though the next hurdle for Nifty is going to be near the life time high of 9120 levels, it is currently trading near the upper end of the channel on the daily charts, which again means that, like what happened earlier (please refer the chart below) Nifty might have to come down by 3-5% or at least trade in sideways manner in order to gain further strength.
Resistance on the higher side will be near 8970-9000-9050-9130 whereas supports are going to be near 8870-8840-8820-8800-8750
The gap up opening near 8820-8850 will be very crucial support zone to watch out for.
Sincere apologies for not updating the blog for few weeks, was caught up in something.
Personal Market View -
Nifty, after my last market update on 26th July, has traded sideways and in he range of 8700-8500 for almost a month and finally broke out on the higher side and created a 52 high of 8968-70 couple of days back.
Though the next hurdle for Nifty is going to be near the life time high of 9120 levels, it is currently trading near the upper end of the channel on the daily charts, which again means that, like what happened earlier (please refer the chart below) Nifty might have to come down by 3-5% or at least trade in sideways manner in order to gain further strength.
Resistance on the higher side will be near 8970-9000-9050-9130 whereas supports are going to be near 8870-8840-8820-8800-8750
The gap up opening near 8820-8850 will be very crucial support zone to watch out for.
