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.
As of today, the short term trend is still holding as if poised to break up. On the hourly chart, it has violated the previous top of 4164 formed on 12 June. It has held above the previous bottom of 4100, also formed on 12 June.
Till today, we could label 12 June as a sell off day with a bounce. However, this time, the Nifty is not showing as much strength as it did earlier on bounces. 4133 could be watched carefully for a possible bounce back in the upward direction. Since there are quite a few news based events lined up, we could possibly see a lot of volatility.
In any case, according to the technicals, I am still convinced that the trend could resume in the upward direction. Another level to watch out for would be 4103, which is the previous swing low of 13 June after 4100. Since both these events are pretty close to one another, we could again see a retest.
Plan your trades and trade happy.
