Nifty bounced back from our support region (although it did go a bit lower than that) nicely. What can we expect going fwd? Although my longer term target of 5400-5600 is still valid - but obviously we are not going to do that in a straight line. Also, the global markets have not been helping - there has been a huge headwind blocking the progress of equities in the last few weeks - still Nifty has managed a pretty decent return.
Here's a trend chart (uploading a chart after a long time) - which can be helpful in picking out entries and exits. We have taken resistance at the top end of the channel - and depending on how Europe and US equities trade, we can expect support around lower areas of channel. From a strictly trend following perspective - we are in a bearish area - however the area near 4800 has lots of support as well - so expect a game of tug of war between buyers and sellers.
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| Nifty Trend Chart |
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