View: Both consolidation and intra day volatility
continues as the benchmark Nifty
index posts a flattish close in today’s session. For three successive trading sessions we have small bodied candlestick
pattern. This suggests the tug-of-war between demand and supply which has resulted in this consolidation. Like Nifty
, most of the sectoral indices have slipped from their respective intraday highs thus resulting into a relatively weaker close compared to today’s opening. Nevertheless the underlying trend is still UP and one
should maintain a positive bias until we have a trend reversal. From a short term perspective, the immediate support tow watch for is at (14,860-14,960). On the upside, 15,100 acts as the immediate resistance. Strategically it’s advisable to trade light positions and wait for a convincing trend deciding move.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.