Unpredictable NIFTY ,Is it a bear trap?Yesterday, I had posted regarding the IVHS pattern of Nifty. Today, market had a big breakaway gap up opening followed by upmove to a strong resistance of 17600.
Yesterday, the market had given a bearish closing and looks like this was a short covering which was triggered by strong Rupee vs USD.
Today's closing above 17600 would be either a bull trap or a signal for bullish move upto 17775 . Monday market would be exciting and I would like to wait and watch rather than having an open position.
This is my personal opinion and kindly trade as per your own analysis.
