It seems neither the bulls nor the bears are sure what stance to take! If at one point the global cues look like to lift us up then are domestic woes pull us down. Maybe there is no trend right now and its only random play going on which is giving opportunity to both the bulls and the bears. That is why a slightest of up move warrants an immediate profit booking, leaving anything on the table looks like foolishness. I had mentioned in my last post that any move forward would make sense if we test the support at 4615/30 (this was major resistance until yesterday) and firm up our ground there. But it cracked! Looking at the five minute chart we can see that Nifty gave a clean short trade once it broke down from the rising channel and also took the 20 period SMA simultaneously. On the daily it looks like two bar reversal. Failure to protect 4530 will result in 4465. As for the upside the resistance remains the same as mentioned yesterday’s post, the only addition is that again we might have to labor at 4615/30!
"If opportunity doesn't knock build a door."
Milton Berle
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