Nifty is not crossing the 5600 levels. The close below opening levels on Friday indicated that sellers are looking for higher levels for sell.
The fall came near the 200 DMA (exponential.) Now bullishness will come on close at 5600 above levels.
The sell came at today's open below 5500 levels.
The Nifty bollinger bands are flat and Nifty reversing direction on touching the lower and upper band. The upper is at 36.8% retracement adds more to the resistance at those levels.
All this indicates that the market will be in range mode for some time. Can look at options trading for range behavior now.
The fall came near the 200 DMA (exponential.) Now bullishness will come on close at 5600 above levels.
The sell came at today's open below 5500 levels.
The Nifty bollinger bands are flat and Nifty reversing direction on touching the lower and upper band. The upper is at 36.8% retracement adds more to the resistance at those levels.
All this indicates that the market will be in range mode for some time. Can look at options trading for range behavior now.
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