[sharetrading] NIFTY

 

A week long of struggle between the bulls and bears. I see bears weakening but still in their lair and the bulls not getting strong. Though a weak protected position can be opened, we refrained from so Y,day considering  3 day holiday to the markets. Markets have to breach 4850 for a meaningful rally, else the bearishness will stay for some more time till budget………

The buy and hold signal is not yet generated in day charts, but 4754 on fut appears a good support. But in markets we shd not take things for guaranteed. Best position now as I see is BUY NIFTY/SELL 4900 and CALL. FUT 4803 shd not be tested again for a rally.

There are 2 solid resistances. One at FUT 4838 and other at 5071. Till these get covered, no upward rally can be expected……….

But now there is a creation of 2 supports . One at 4751 and other 4717 near about. Since the supports are close to each other, I guess, the 1^st resistance will be taken out soon…….. as bears are indicating little weakness. Also volatility in the markets will be huge. Hence SL could get hit couple of times. It is a time of hit and run profits.

 

Abe

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