View: A day full of high intraday volatility
as the benchmark Nifty
index managed a sharp
bounce back after a weak opening. From the lowest point of the session of 14,370 it is an encouraging rally from the index to post a close at 14,750. This however does not reverse the underlying short term down trend yet. We will consider today’s bounce back as a correction rally until prices breaks above and sustains above 14,900 at the minimum. In fact, moving ahead, (14,900-15,000) acts as the immediate source of resistance, where we can again see formation of short positions. Let’s watch out the initial days of next week and then start creating aggressive trading positions.
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