Trend is up and will reverse on close below 8300.
Today, markets closed in the red for the 2nd consecutive day. Within an uptrend, lower high lower low formation is allowable for 2-3 days after which prior trend must resume.
The nature of the fall looks like a correction and not a trend reversal. For a trend reversal, I will look at a faster retracement of the previous rally and so far this is elluding us.
Option writing is giving mixed clues... resistance at 8700 and support at 8500.
EOD charts:
Intraday charts:
Not much of a trading opportunity given the volatility surrounding the RBI policy,
Expect upsides if nifty spot can sustain above 8560 spot.
Today, markets closed in the red for the 2nd consecutive day. Within an uptrend, lower high lower low formation is allowable for 2-3 days after which prior trend must resume.
The nature of the fall looks like a correction and not a trend reversal. For a trend reversal, I will look at a faster retracement of the previous rally and so far this is elluding us.
Option writing is giving mixed clues... resistance at 8700 and support at 8500.
EOD charts:
Intraday charts:
Not much of a trading opportunity given the volatility surrounding the RBI policy,
Expect upsides if nifty spot can sustain above 8560 spot.
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