NIFTY is attempting to break out of 11110 resistance. Early opinion polls and political situation will determine the movement in next 4-8 weeks. Support at 10970 and then 10500. 10,500 line is holding for over three years now, however, election times are very volatile in India.
Trade closed: stop reached:
Breakout will have to wait !
Trade active:
Another attempt at break-out. This time, the resistance has moved to 11200. Support at 10,500 was nicely held.
Comment:
Handsome break with a gap-up from 11200. Watch for a test of the break-out with pull back to 11215, before resuming upward journey.
Comment:
Revised value of pull back 11260. Will it pull back? Opinion polls have been predicting stable Modi sarkar, but things change rapidly, giving rise to huge volatility.
Trade closed: target reached:
Pullback to 11215/11260 did not happen, so the confidence in the rally is low. A descending triangle from 11750 is threatening the rally with support at 11550. Perhaps its time to book profit and wait till the election results come out.