Nifty at critical juncture, my thoughts with charts below
Nifty 15 min chart says – we might bounce tomorrow to see 58xx levels again. Gap up open possible to secure the 5800 levels, will ensure smooth break of the trend-line which also happens to be 38.% Fibo fan resistance. Expected up-move for the bounce till 5890/5925 levels, chart below
As expected, May series proved to be “Roj Kuch Toofani ho Jaaey”. The market behavior is apt only for agile traders and not meant for the kinds of “slow and steady wins the race”.
The Weekly chart looks quite bearish, with possible revisit of 56xx levels. If we do revisit, those levels (I think we will), defending 55xx levels will be critical for the bulls and taking it down to the 54xx is what Bears will be gunning for, bloodbath below 54xx levels. I’m confused and in dilemma but, not shifting the camp till the Nifty top of 63xx is taken out and more importantly how/when if it gets taken out. Intra day trading and hedged bets is the option till market decides where it wants to head decisively.
NIFTY Weekly chart below, last 2 candles are quite intense
