Nifty arrested in top flat channel ... now what !!!
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It seems Nifty is trying hard to get on the roof slab but failing every time. twice it tried and failed and hardly in the gap of 20 days (16 sessions).
Technically Nifty has created a top flat channel again like last time. It always gains volatility in this channel and creates confusion by developing sub-support zones. Basically, the index tries to create steps to get into the roof because of its failure of Superman's strategy.
Now what to be done, Decision can be taken only on the upside breakout but if it breaks downwards then it's once again a failed try of the index. Only a bearish call can be taken if the index creates a lowerlow.
So sit tight to enjoy the cinema.
Technically Nifty has created a top flat channel again like last time. It always gains volatility in this channel and creates confusion by developing sub-support zones. Basically, the index tries to create steps to get into the roof because of its failure of Superman's strategy.
Now what to be done, Decision can be taken only on the upside breakout but if it breaks downwards then it's once again a failed try of the index. Only a bearish call can be taken if the index creates a lowerlow.
So sit tight to enjoy the cinema.
Nota
15667 is a vital sub-support zone. If the Index cannot respect that then the main support zone will be 15500-15465. If that breaks then the medium-term bear market will open... but I doubt... that probability... :)Nota
It has been observed that Nifty Index has given the breakout after its 2nd try. Along with that, there is a substantial Open Interest ( OI ) addition in continuation since the last 3 sessions helped the index to reach this point. Now we have to observe that it should not close tomorrow below the previous high which will work as a support line for now. If the Index can sustain above the support line tomorrow then there is a probability of around 3% to 5% upward move in the near future sessions. Note This analysis is only for the study purpose, not for trading.
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