After having done some great rounds both on the long and short side in the hourly charts NIFTY has got struck itself in a tight range on itself. It has been close to 5 weeks that NIFTY is struggling to move out of its broad range. Today's market was so tight that it got traders glued to their screens giving tight reversals. With International markets going into holiday season, we are likely to close this weekend with tightness. There are some possibilities of trades closing short on the hourly.
While daily chart will remain on the long side, but non- trending. Weekly is in a good bullish trend without much worries. Front line stocks, the top ten of the economic sectors (The INDIA KING's Index) are showing more weakness than the broader indices like NIFTY and SENSEX. This indicates that there is inherent weakness at least in the lower timeframes and market is likely to breach support.
No comments:
Post a Comment