So people murmuring oh Operators market no room for retailers. when we long they taking lower and when we short they taking higher . Cmon guys its market. No excuses, no blaming here. Just keep doing your job it will reward a time. So whats with nifty ?
Lets see
Yesterday Nifty moved very well on upside despite Japan stock market tremors. Inflation was marginally higher than expected. Though Nifty moved up. so will it continue? Lets check fundamentally and technically.
Fundamentally Yesterdays Indian market run up was cheered by Oil which dropped below 100$. But global situation still remains defiant for any run on upside. Japan got their own nuclear threat which could be major trigger on Asset class. Us markets Topped out which we tweeted last week. So will be advance tax nos and RBI meet for out markets? Definitely NO. they can use those triggers for some moves. But we gonna sync with world markets.
Now technically what chart says? If we are bearish we will look only for bearish patterns in chart and vice versa for Bullish. So here lets be neutral and analyze as we stuck in a Range of 5400 - 5600 . We got Pithfork Resisted around 5555 levels. Now it need to cross that Midline for any upmove and downside target pegged @ 5470 which could act as support. Hourly Charts are Highly oversold . Weekly charts formed a Inner Bar. So safe traders just watch for the weekly Breakout and trade accordingly. So far today if 5470 held look for a small risk Buy .
happy trading !!!!!!!!!
Jay
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