NIFTY - BULLS MADE IN CHINA SHOP
Nifty bulls make remarkable stability to close flat. What it does not tell is the time it spent in negative territory. For the bulls a) the bi-monthly close is at life high b) the Weekly close is positive c) it so far ignored the negative overseas cues. For the bears the market cannot ignore the negative cues longer b) Bank Nifty remained negative c) China CRR cut has not made in bulls happy so far. On the balance the space is more of a supply zone. Ideally 18120-18320 is the range. However, the risk of profit taking is more. Today would decide where we are headed. Any close in negative below 18120 invites more profit taking while a close above 18320 warrants a new ATH.
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