Nifty Short Term View - 22nd July Bulls bounce back
Nifty futures bounces nicely from our support level of 15637 ( previous day's close )
Trend is now flat in daily chart & even hourly chart. Even RSI is moving horizontal. Almost all major sectoral indices closed in green, although Nifty Metal & IT pack did most of the heavy lifting for market. Nifty futures has closed at 61.80 % Fibonacci retracement of previous trend, this level is also accompanied with a downside gap which makes this resistance even stronger. Talking of levels 15900 to 15835 this entire price band may act as an immediate resistance. On the downside 15740 to 15670 this entire price band can provide immediate support to Nifty futures. As trend is flat trade as less as possible. Some sort of intraday consolidation/volatility can be expected.
Trade Less Trade Wisely!!
Trend is now flat in daily chart & even hourly chart. Even RSI is moving horizontal. Almost all major sectoral indices closed in green, although Nifty Metal & IT pack did most of the heavy lifting for market. Nifty futures has closed at 61.80 % Fibonacci retracement of previous trend, this level is also accompanied with a downside gap which makes this resistance even stronger. Talking of levels 15900 to 15835 this entire price band may act as an immediate resistance. On the downside 15740 to 15670 this entire price band can provide immediate support to Nifty futures. As trend is flat trade as less as possible. Some sort of intraday consolidation/volatility can be expected.
Trade Less Trade Wisely!!