NIFTY SPOT : 8362.65
Hi,
Readers,
Nifty is moving
in a very small range of around 50 points for the last 5 days. Therefore
justifying the decision of staying out as a right decision. It is these kind of
grinding days which tests the patience of analysts & traders.
Current move of
Nifty is indicating that intermediate top is nearby. It is just the matter of
time & level where Nifty actually makes that top.
Another
interesting & logical point I would like to mention here is that, when
majority of participants wait for Nifty to move further 100 to 200 points where
they will feel comfortable to short sell Nifty saying that risk reward ratio is
good. Question is logical that, in that case, whether Nifty actually goes to
that level or not? Time will tell whether it goes there or not or even
surpasses it. If it listens to the general consensus then probability of even
surpassing it and running further becomes more to surprise the consensus.
On the upside Nifty
has resistance at 8390 - 8430 – 8470 – 8540.
On the
downside Nifty has support at 8285 – 8240 – 8180.
Nifty chart is
indicating that small grinding movement time may be getting over at least for
the time being. In next two days it is expected to take a small move on one
side. Initially expect that move to be around 100 points one side.
On the upside
I had already mentioned the levels above. And on down side 8285 level is very
important level. Because below that level many long positions will get be
squared off.
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