There are always two ways to do it , so that's what we will be seeing in Nifty today.
Way 1 : Nifty will reach up to 10750's -70's zone
Yes, those kinda wicks which shoots upside to trap the bulls and moves down later, here be patient and do a wait & watch approach.
Way 2 : Nifty resisted by trend lines at 10700's
The other way of doing...
How scary that looks ?! What a weirdo ? Nope, cut those thoughts in your mind...It's right to pick it up PNB if you have the risking ability till 65's in PNB, moreover the crux is charts says so, that there will be bounce back upto 115's.
Though its weekly chart, we aren't looking at fundamentals that's something which investors do, we aren't investors for sure,...
Expecting Nifty to break the 10600 levels to move further down till 10450;s -10400's zone but sooner it happens better it is. Moreover Nifty can raise upto 10680's before moving down, so for intraday trades sell around highs with resistance on lower timeframe. These scenario's stands valid only if Nifty stays below the recent highs marked in the chart.
Trade Safe !
Nifty is consolidating as of now and in potential ascending triangle, breakouts can happen in any direction but the downside move is restricted with the supports at 10k-10100's. So unless the market breaks up n above triangle expect a ranging week.