Most of the important events are past us. The good thing about these events was that they have let India VIX move hardly. This shows the maturity on part of market participants as well as on part of government. The Union Budget and RBI policy were instrumental in not creating hype of these events. They seem to be well focused on essentials as compared to their predecessors. Yes, I mean it.
Lets see how Nifty looks like on Technical charts.
Below is the daily chart of Nifty. Notice the narrow channel in which Nifty is trading. This channel Nifty is trading at the stretched levels near higher end of the channel. Last 3 days repeated hanging men, however are suggesting that the bulls are exhausted for the time being. As a trader I would wi
sh to enter at the cheaper levels than this. The support areas below suggest that even if correction happens it may have a short living effect.
Below is the weekly chart of Nifty. That Hanging Man at the top is little worrisome. This hanging man is formed near the third top. Hence to neutralise this pattern Nifty need to convincingly close above 8968. Any close below 8973 in the coming week will add to the worries bulls. The supportive indicator is also overbought. Trading with caution should be the key for Bulls.
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