Good Morning Friends,
I quoted yesterday, not to short at lows. Well, we see few intraday rebounds confirming bulls intention to have a grip on market. It was another session where we saw selling in second half again. Basics of technical has a lot of importance of last hour of trades.
The way I am seeing the market now, it doesn't have that much strength which it requires. It cannot be said that we have sign of warning here but such sign always comes late.
Take 15600 to 15560 as key support zone. If it violates then Nifty can take support at 15300 levels. On higher side 15800 and then 15900 are key resistance. This is definitely not a good sign that Nifty is moving lower than its upward sloping channel. If it is not a sign of weakness then also it can indicate only consolidation.
Play more with trading phycology and give technical a second priority.
I may change my trading decision but as of now I am less intended to trade long on index.
Happy Trading,
Praveen Kumar
