Good Morning Friends,
As I am quoting from past few days that market is not likely to cross above 15900 in easy way. We are in need of fresh thrust. Technical set up is not yet governing for rise above 15900. It is better to wait for cross above 15900 rather than speculating.
In alter sense, this kind of pattern is more supportive for bears. Shall we bet for fall? Even that situation is not more convincing. Nifty has generated more supports in short term and those has proven meaningful in price action. Such as 15670 > 15600 > 15500 > 15450.
Pattern wise, I advise caution from long position but that must have view for intraday. As long as Nifty is sustaining below 15800, we cannot advocate for rise. It is in favour of bears.
Happy Trading,
Praveen Kumar
