I have been maintaining bearish to neutral stance on markets since last 2 weeks. Global markets traded mixed during this period. Last series expiry is hinting at neutral to bullish sentiments.
Read this post to understand whether to trade long or short next week.
Technical Overview: Last week Nifty made a high of 7992 and low of 7788 to close at 7849. That was a range of 204 points. On Weekly chart this time Nifty again formed a spinning top. As I said last week, Spinning top indicates neutral sentiments. Spinning top continuously for two weeks suggest a likely range formation. Ranges can break on either side.
New resistance is formed near 7940. Supports are at 7772 and 7717
My View: Current market trend is up. Considering bullish view lets expect that this range will ultimately break in favor of bulls. Nifty can remain in range for some time. This range is broadly between 7772 and 7940. Every dip is buying opportunity. This is a difficult market short sell Nifty unless it gives us clear indication. I am bullish. Lets see how it works.
Check the levels marked on chart below
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