Nifty View: The Benchmark Nifty
index has been particularly erratic over the past few weeks as it failed twice to see follow-through movement post a breakout. The daily chart
of the index will reflect a “Broadening Triangle” which implies the existence of a higher high and a lower low - a classic sign of confusion. The underlying short term trend of the index is now non-directional. However, one can expect some momentum if the index breaks above 15,860 or a break below 15,782. Not the best of times to trade aggressively as the sharp volatility
will lead to whipsaws. Better to focus on risk management and go for those trades wherein the conviction is maximum.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.