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
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