NIFTY – Choppy session with resistance @ 5230. Long can sustain only as long as 5170-5160 holds.
Today’s view –
Nifty has almost moved on lower breakdown but refusing to fall. It can never be a better idea to stick with a view that ‘I have to be right’. If fall is not coming then we have to accept that it is not coming. I am concluding for few more dull days.
Charts are suggesting that NIFTY will try to take support in the zone of 5170 to 5160. It will have stiff resistance at 5230 which may be under test today (I am not very sure).
I may prefer to trade in any direction. Most probably, it is a trade on long side if yesterday’s low of 5179 sustain. It can just be the first half corrective up move. I still strongly believe that fall should come in the new May month series. That fall can be a brutal one but before than we have to bear the pain of choppy trades.
Call for today –
First half: - Long as long as 5179 sustain.
Second half – Fall from levels near to 5230 levels if Nifty fails to cross 5230 in first half.
RSI – It is suggesting that we may not see any dip cut in few days. There is a break point on RSI, which is at 42.28. Before NIFTY breaks on lower side we will see first break on RSI value so keep watching those closely.
(I am giving a very clear way to conclude levels. Do not believe me. Believe the study, I may also conclude wrong).
So over all, trade short only on decisive breakdown. Sooner of later that has to come. There is no running away.
If needed I will release intraday update too.
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Thanks & Regards,
Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889
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