Markets continue to trade in a range bound conditions
Markets continue to trade in a range bound conditions. We are saying this from last week that after a run up, we should see a hurdle or some consolidation or even a retracement. Nifty is now in a process of consolidation and trading at higher levels (8320‐ 8350) of a sideways market. Trend is up in the index and we may see a breakout from resistance level soon. Therefore, either traders should look for a buying opportunity or simply avoid the market. We are not advising any short selling within the index as we do not have chart patterns which suggest a sudden decline. If a decline comes then we should wait for the prices to stop falling and then look for a buying opportunity only.
Bank Nifty had a choppy and narrow range day where prices opened with a
minor gap up and then slowly traded upwards. However, last hour decline
made the intraday price action choppy. The index finally closed in the middle of today’s trading range of 150 points. On the daily charts, prices are trading narrow and sideways from last four trading days. Furthermore, prices have made a high near 18150 levels on last three occasions that acts as a resistance level in the index. We may see a big move soon in the index soon; trend is up so we can expect the big move on the upside
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