NIFTY - Bull's August Move

Jul 28, 2022

Nifty bears failed to pierce to close the gap and bulls sense the opportunity to bounce back. With more or less today's Green open and also expected or anticipated green close for the week, it is to be noted, the bull run is 6 weeks old printing Advancing Block in bi-monthly frames. Ahead of MPC and ahead of vital supply zone caution remains the word to watch. Bears though on back foot bulls need more confirmation to move past the bigger hurdles. It is usually not the day of FOMC but the days subsequent to that the actual trend in the markets unfold. In the recent couple of Meetings too equity have rallied post FED and then they gave back all the gains. Will it be different this time is to be seen. Supply kicks in 16680-16730-16780 Vital 16830. Support 15600-16550-16320. Inclined for the day higher range and a direct break and close above 16800 calls for one attempt to 200 DMA. Week end to impact sharper close in either direction.