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Nifty: Short term trend of Nifty is sideways -
Nifty: Short term trend of Nifty is sideways
HDFC Sec | Published: 03 Nov, 2017  | Source :

Observation:  After  showing  a  sharp  upmove  in  last  session,  Nifty  took  a breather  today  and  closed  the  day  lower  by  around  16  points  amidst  choppy trend.

Nifty opened today with flat note and  later shifted into intraday choppy trend with weak bias. The intraday weakness has not gathered  enough  strength and Nifty closed the day with slight weak bias.

A  small  negative  candle  has  been  formed  today  (within  a  high  low  range  of around  10,453-10,412  levels,  41  points),  which  is  indicating  sideways  range movement in the market.

The opening upside gap of last session is still  open  and if it remains unfilled for the next 2-3 sessions, then  that gap  could be  considered as a bullish runaway gap and that could suggests further upmove for the market ahead.

The market  is currently showing action of  sharp upmoves followed  by  sideways range movements. Having moved up  sharply yesterday  and a sideways range  of today  is  now  hinting  at  the  possibility  of  similar  choppy  trend  for  the  next couple of sessions, before showing another round of upmove.

Conclusion  &  Strategy: 

The  short  term  trend  of  Nifty  is  sideways  and  this narrow  range  movement  is  likely  to  continue  for  next  session.  The  near  term trend of  Nifty is positive  and  short term  weakness or choppy trend is  expected to result in upside bounce again.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.