View: Intraday volatility
continues as the benchmark Nifty
posts a 1% negative close in today’s session. On a week-on-week basis, the index is up 2.75% thanks to the early high-momentum gains. With today’s close at 14,953, the index has now slipped below the psychological 15K mark - not a good sign. But the index did relatively better as it bounced back well from the intra day low of 14,860 resulting in a “spinning top” pattern on the daily charts
. The short-term trend is still UP and in case the index slips further down we can expect supports to kick in from 14,800 and then the erstwhile lows near (14,600-14,750). One
should not be bias on the short side right now as I sense we are heading towards a range-bound consolidation. Strategically one
should continue to trade a lower bet size and wade off this volatility
with as less damage as possible.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.