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.There seems to be no change from the last analysis. On the intraday chart, the Nifty seems to be consolidating. The established support range is again being tested. As a reminder, we need to remember the significance of this support range.
Short term traders could keep their trailing stop at a close just below the support range to avoid large losses.
The traded volumes during the last several trading sessions suggest that the market is very skittish. We see increasing volumes on down days. However, the price pattern on the charts does not suggest that we have seen the end of the Bull Run.
We could maintain our suggestion of bullish outlook and could continue to buy on dips.
Trade happy after planning your trade.
