As expected nifty posted a strong gap up opening following strong global cues.The broader market undoubtedly stood in the favor of the bulls with 906 advances to 576 declines,while .Nifty formed a rising window on daily charts and sustained with the gains .This rise has triggered a bullish sentiment amongst traders.
Here i would like to draw attention of the traders that the market is around the resistance of the downtrend-line,also current rise was halted at this level,,if tomorrow markets fails to violate the trend-line and sustain above it them the bear might take this chance and drag the nifty down to lower levels for support.With prevailing movement in trend it is very much difficut to say as the markets are very reactive to newsflow.
On the upper side 5400 will be the ceiling for the bulls,while 5080 remains good support.The nifty is progressively moving into more narrower range.Hence a breakout is imminent.I feel nifty to take one more round through the triangle pattern.
As suggested yesterday to book profits in long,today we got exclusive levels to book profits ,further positions will be advocated as the trend unfolds
Here i would like to draw attention of the traders that the market is around the resistance of the downtrend-line,also current rise was halted at this level,,if tomorrow markets fails to violate the trend-line and sustain above it them the bear might take this chance and drag the nifty down to lower levels for support.With prevailing movement in trend it is very much difficut to say as the markets are very reactive to newsflow.
On the upper side 5400 will be the ceiling for the bulls,while 5080 remains good support.The nifty is progressively moving into more narrower range.Hence a breakout is imminent.I feel nifty to take one more round through the triangle pattern.
As suggested yesterday to book profits in long,today we got exclusive levels to book profits ,further positions will be advocated as the trend unfolds
Comments
Post a Comment