Nifty View: Quite a disappointing close for the benchmark Nifty
in today’s trading session. A strong gap up opening which could have lead to a confirmed bullish
weekly close reversed sharply to tease the psychological 15K level, yet again. Many traders would have found this turn around quite surprising - well the markets gotta do what its gonna do. We have a flattish positive weekly close for the index and a bit of inhibition pertaining to the underlying short term trend of the index. A look at the 75min chart of the index and we observe quality supports close to (14,950-15,000) both in terms of price and volumes. Considering the force with which we noticed today’s sell-off, its advisable to be a little cautious at the start of next week and take truncated positions is possible. The trend and bias is still UP, but a confirmed close below 14,950 can lead to some quick weakness.
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