NIFTY is trading in a triangle and possibly nearing the end of contraction phase. This is likely to get over in 1-2 weeks after which we will have a breakout (direction unknown).
Option writing clues point to support at 6200.
In futures, sustaining above 6350 will be bullish. But if we have a breakout and markets don't move after the breakout, then it means follow thru buying is missing at higher levels and this might encourage bears to start shorting the market.
Option writing clues point to support at 6200.
In futures, sustaining above 6350 will be bullish. But if we have a breakout and markets don't move after the breakout, then it means follow thru buying is missing at higher levels and this might encourage bears to start shorting the market.