Nifty View: Four consecutive trading sessions for the benchmark Nifty
index with a sequence of higher highs and higher lows - a fine show of strength both in terms of holding onto gains and gaining further. At today’s close of 15,302, the index has inched and closed within the anticipated resistance range of (15,250-15,350). There is some sign of price-momentum divergence in the 75min chart which can lead to some consolidation, but not expecting anything that’ll damage the underlying UP trend. On the other hand, with the expiry of derivatives contracts tomorrow, we can on the contrary notice a high momentum extension on the upside. If this shapes up then definitely the banking & financials will pick up fresh momentum alongside a bounce back from Metals. Good to see fine participation coming in from the IT over the past few sessions - this was needed for the index to sustain above 15,000. Stay bullish
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.