Nifty View: At a close of 14,700, the benchmark Nifty
index did manage to show good strength to bounce back from the intra-day low of 14,460. The index is now stuck mid-way of it’s recent rally from 14,150 to 15,000. The underlying short term trend is still down, and we know how volatile this short term trend has been over the past few months. In other words, a quick reversal on the upside will not surprise us a bit. Important levels on the upside is the 100-point range between (14,900-15,00) a confirmed break above which will set in bullish
momentum back to the market. On the downside, immediate level to watch for is today’s low of 14,460, a break below this will definitely set in fresh selling pressure which can take the index back to (14,100-14,200). Strategically, stay unbiased towards the immediate direction of the market and focus more on short term trading opportunities.
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