Nifty closed in green at 5248 after gaining 39 odd point on the cards.The markets witnessed a small relief on the account of global cues,also the earning results of few stocks contributed to the move.Going forward today ,markets faced a resistance at 5250-70 zone,more on that ,markets were not able to sustain these levels giving off partial gains.The markets closed in an attempt to recover the gains.The overall market breadth was positive with 857 advances to 625 declines.
The markets are in short term consolidation phase ,as we are witnessing so.From past few months markets been range bound gradually narrowing as days progresses.The consolidation period is increasing and so is the vitality of the pattern is decreasing.The market is transiting from one pattern to another in this consolidated move.Here both the ranges are quite responsive ,also markets are lacking momentum catalyst to result for a strong directional breakout .Hence sentiment indicators will be playing a vital role in such phase.
The markets are still trading below the short term DMA ,moreover the MACD is running flat leading to directionless outcome.The momentum indicator are trading in the bearish range.The markets seemed vulnerable,but not enough to make a move past the dynamic levels.In such a situation the 200DMA hold the key to downside.Today's move indicated an attempt of the bulls to raise their head ,but will they be able to trash the bears and make a strong comeback is everybody's concern.
Hence i maintain my view to remain intraday and not positional since reversal from both sides is inevitable.
The markets are in short term consolidation phase ,as we are witnessing so.From past few months markets been range bound gradually narrowing as days progresses.The consolidation period is increasing and so is the vitality of the pattern is decreasing.The market is transiting from one pattern to another in this consolidated move.Here both the ranges are quite responsive ,also markets are lacking momentum catalyst to result for a strong directional breakout .Hence sentiment indicators will be playing a vital role in such phase.
The markets are still trading below the short term DMA ,moreover the MACD is running flat leading to directionless outcome.The momentum indicator are trading in the bearish range.The markets seemed vulnerable,but not enough to make a move past the dynamic levels.In such a situation the 200DMA hold the key to downside.Today's move indicated an attempt of the bulls to raise their head ,but will they be able to trash the bears and make a strong comeback is everybody's concern.
Hence i maintain my view to remain intraday and not positional since reversal from both sides is inevitable.
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