Nifty and Bank Nifty trade was stopped out at 5710 and 10650 levels y'day and now both the indices are in neutral trading zone. The support was perfect when the market moved with volumes at crucial levels of 5640. Though I expected the volumes for the downside but its The Market.
The fact that short trades are not making money for last 3-4 days itself indicates that the short trade could be over for sometime.
Long possibilities for Nifty above the previous high of 5765 and for Bank Nifty above y'days high of 10900 levels.
If you would have looked at y'days Nifty channel chart there was sideways channel formation for this week on hourly chart. This happens when the Index is at support levels and making base for a large move.
The fact that short trades are not making money for last 3-4 days itself indicates that the short trade could be over for sometime.
Long possibilities for Nifty above the previous high of 5765 and for Bank Nifty above y'days high of 10900 levels.
If you would have looked at y'days Nifty channel chart there was sideways channel formation for this week on hourly chart. This happens when the Index is at support levels and making base for a large move.
Making base fora large move. Among the most optimistic words I have heard so far in 2011. Hope you get this one also right ? When will this choppiness get over ? Either side , do you see any trending market around ?
ReplyDeleteThat move could be on downside also. The direction is yet to be decided for the move till it is in range.
ReplyDelete