Hi All,
As expected, on account of some positive triggers mentioned in the earlier post last week, Nifty saw a small pull back of around 200 points but faced resistance near the daily price top near 10637 and is currently trading down by around 150 points from that mark near 10480.
Being a Chameleon is the only option for traders going forward, as Nifty might trade in a broad range of around 400 points, i.e. from 10250-10300 on the lower side to 10640-10750 on the higher side, which clearly shows a tug of war between Bulls and Bears to continue till such time there is an either side breakout.
Yesterday's daily candle was almost a Doji candle, supporting the indecisive view for short term unless Nifty crosses any of the above mentioned levels either on up or lower side.
Below the supports near 10250, Nifty can travel to 10000-10100 mark and below that it can drift down till 9800-9600 levels, whereas, on the higher side is 10750 is surpassed convincingly, Nifty can even travel towards to the all time high near 11200.
Immediate Supports - 10450-10400-10330-10260
Immediate Supports - 10550-10640-10710-10750
Market View - Any intraday short position should be entered only and only if Nifty breaks and sustains below 10450, whereas longs can be built in if Nifty surpasses and sustains 10650 levels (however would have lower risk to reward ratio as 10750 would be immediate resistance)
Cheers!
As expected, on account of some positive triggers mentioned in the earlier post last week, Nifty saw a small pull back of around 200 points but faced resistance near the daily price top near 10637 and is currently trading down by around 150 points from that mark near 10480.
Being a Chameleon is the only option for traders going forward, as Nifty might trade in a broad range of around 400 points, i.e. from 10250-10300 on the lower side to 10640-10750 on the higher side, which clearly shows a tug of war between Bulls and Bears to continue till such time there is an either side breakout.
Yesterday's daily candle was almost a Doji candle, supporting the indecisive view for short term unless Nifty crosses any of the above mentioned levels either on up or lower side.
Below the supports near 10250, Nifty can travel to 10000-10100 mark and below that it can drift down till 9800-9600 levels, whereas, on the higher side is 10750 is surpassed convincingly, Nifty can even travel towards to the all time high near 11200.
Immediate Supports - 10450-10400-10330-10260
Immediate Supports - 10550-10640-10710-10750
Market View - Any intraday short position should be entered only and only if Nifty breaks and sustains below 10450, whereas longs can be built in if Nifty surpasses and sustains 10650 levels (however would have lower risk to reward ratio as 10750 would be immediate resistance)
Cheers!
