Nifty View: Benchmark index Nifty finds itself stuck within a tight range thanks to the recent lack of follow-through buying or selling last week. This is the 75min chart of the index which clearly shows the importance of the short term support range at (15,650-15,700). At current prices, the index has already shifted into a short term DOWN trend and a sustained close below 15,650 will not be good news for Bulls. On the upside however it is (15,900-15,930) which has held the index down. So essentially we are looking at close to a 300-point range for the index to work with as we head for the next week. Considering the long term charts are still UP and strong it’s better to keep a cautiously bullish stance.
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