Nifty View: Nifty continues to extend the recent bounce back with slow and steady up days. Today’s trading session was marked with intraday volatility
which resulted in no follow through buying post the positive gap up opening for the index. A closer look at the 15min chart of the index shows clear existence of short term resistance and support. On the upside, the index faces resistance from (15,200-15,235) and on the downside, strong short term support comes in at (15,100-15,150). The index needs to break beyond either of these bands to find follow through directional movement
. There is an intermediate negative divergence too with RSI9 - just to keep you posted.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.