Nifty View: Tough times for the benchmark Nifty
index as volatility
spikes up. Today’s price behavior was quite disappointing as the index gave away all of the opening gains and slip to post a close at 14,290. Time and again the 100-point range of (14,200-14,300) has proven as a strong source of short term support and so a break below this range will definitely infuse some selling pressure. The underlying short term trend is very much down and strategically one
should continue to stay cautiously bearish
. On the upside, immediate resistance to watch for is now at 14,500 and then 14,700.
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Trade Well. Trade Wise.