Good Morning Friends,
If I say yesterday was a good and unexpected strength then I may not be too wrong. Still, Nifty is in the zone of resistance of 15850 to 15900 levels. I am taking approximate safe levels above which we must be strongly bullish and it is 15940.
On upside breakout it can give as big as 16400-16500 levels. What if it fails again?
Well, in that case Nifty will again move around 15600 levels for support. It is a 50-50 take so it is always better to get some good confirmatory signal to trade.
Volatility contraction is in favour of bulls. On other hand, many momentum indicators are running with divergence.
Happy Trading
Praveen Kumar
