thechama3

Nifty : On a sticky wicket!

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NSE:NIFTY   Nifty 50 Index
Like Bank Nifty , Nifty also made a new low in the final 5 minutes of the trade which is not a good sign for the bulls. This move happened in spite of the US markets showing a positive close. This does not spell good for the markets and one should wait for the market to indicate the move as supports are placed at about 60-100 points. So as per today's close , technically Nifty should break 10628 tomorrow on an Intra day basis and move down further. Hence on may nibble and take moderate trades and not go aggressive because we are at the bottom end of the Bollinger Band and a bounce could take one off guard.
Comment: As the chart pattern and the close yesterday suggested, Nifty breaks 10628 and moved down further. An excellent Sell on Rise opportunity.

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