These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.Monday’s gap opening on the Nifty, suggests the bullish sentiment is continuing. As was suggested on Friday, we did see players booking profit today.
On the Nifty chart, we see an up-sloping blue dashed trendline, which is inhibiting the free movement of the Nifty. It has had several touch points where supply has been witnessed. Therefore, it is quite possible that we may see some correction. The earlier tops, around the 4030 levels are going to lend solid support.
Bears are probably going to test this level and penetrate it mildly. All I can suggest at this point is to stay bullish. This run may last for another two days, and we may see some short term resistance coming in on Wednesday 17th or Thursday 18th.
I hope readers have noted Friday, the 12th January, chart as a benchmark for staying bought or deciding levels where profits could be booked.
The market sentiment continues in positive territory. On Monday, the volumes recorded are lower than Friday, but are still healthy.
As suggested on Friday, the Bank Nifty did see profit booking at higher levels.
The CNXIT also opened with a gap and witnessed profit booking.
The mood is still bullish. So it is suggested to stay bought.
Trade happy.
1 comment:
thanks sirji !!
Post a Comment