MARKET STILL IN A CONSOLIDATION RANGE – TILL THE TIME WE NOT SEE GOOD CLOSE ABOVE MENTION LEVELS PLEASE DON’T TRY TO HOLD THE POSITIONAL, ONCE WE CONFIRM THE CLOSE EITHER UPSIDE OR DOWN SIDE THEN ONLY WE CAN GO FOR POSITIONAL HOLDING IN INDEX.
Last week we mention nifty range of 6400-6565 and trading done within this range only.
Now with the current chart development we can see that at upper level market is doing a consolidation or we can say it’s taking time to decide its next move.
With the long term trendline we can see that many time market has taken support on trendline, and recently it come down below trendline but yet it not able to break the low below trnedline.
It has also created a “TRIANGLE” pattern on chart.
With the rsi we can see that, it able to come out from overbought zone now, and also below the support line.
So for current week we can say that if market able to close below 6470 level then only we can see some correction in market, but if it able to give green close near to support or close above 6550 level then it will again continue its uptrend.
For current week supports at 6470-6430-6400 if goes below this range then we can see more fall till 6300-6200-6000 also.
For current week resistance is 6525-50 range if close above this levels then it can give up move till 6600-6700-6800