I am a bit pressed for time so want to make this post very brief (anyway yesterday’s post on Nifty was kinda definitive). Nifty opened where it had stopped on Friday. Set amidst volatility and confusing signals we drifted lower and Yes we did poke 4250! On the intraday chart we came back to test the bottom and then got a clear signal to go long with simultaneous breaking of the trend line and the falling 20 period SMA. I would call today’s action that, of subdued optimism. With so many important meetings scheduled for this week market participants are hesitant to take a confirmed call. It’s not easier for the day traders either but they are getting a few opportunities to scalp and once again only the nimble are making money. On the daily chart we can see that we have penetrated and closed above 4250. If this along with today’s low is held then we might see some respite. On the flip side this penetration of 4250 has opened a few more gates to the downside!!!
Que Sera Sera!!!!
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