- After showing lower levels recovery yesterday, Nifty showed minor upside bounce back today and closed the day higher by around 13 points.
- Nifty opened today with upside gap of around 29 points and shifted later into intraday weakness amidst choppy trend for better part. The sideways range movement continued till the end and the opening upside gap has been filled completely.
- A small body negative candle has been formed within a narrow high low range of around 9964-9917 levels. This pattern is indicating a choppy trend in the market.
- Nifty has been moving up gradually by forming higher lows, but at the highs finding stiff resistance around 9960-80 levels. Present choppy trend in Nifty is suggesting a sharp movement on either side (like behavior of ‘calm before storm’).
Conclusion & Strategy: The short term trend of Nifty is choppy and trendless. The upper levels of around 9960-80 is acting as a stiff resistance and the buying is emerging at the higher lows.
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- As long as Nifty continues with such trendless mode, the possibility of market showing sharp movements (on either side) will increase for near term.
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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.