Benchmark Nifty50’s fight with the psychological 12K continues. Thanks to last Thursday’s sharp sell-off the index has now moved into a short term downtrend. Friday’s move was more of consolidation to Thursday’s sell-off and only a move above the immediate resistance of (11,800-11,850) can set the short-term momentum back on the upside. Possibility of a follow-through selling should not be discounted, and in such a scenario one can expect a re-test of (11,600-11,620) to the minimum.

Strategically not the best of times for short term traders as the underlying volatility can lead to stop losses getting triggered for both long as well as short trades. I sense that this volatility is likely to persist as the index slips down to create head-room for momentum indicators to bounce back. The larger trend is still UP and resilient and one should maintain a bullish stance and look to buy on price corrections rather than chasing breakouts.


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