Sunday, April 23, 2017

Nifty View for the week 24th Apr

Since last 2 weeks we have been saying that the Nifty is currently trading in a range (With negative bias). Lower end of the range is around 8990. On Friday Nifty managed to close above this level.
Higher end of this range is around 9270. Nifty need to break either of these level to give us a clear direction.

Since Nifty is trading near a small support within this range, which is near 9110, lets understand how one can trade Nifty now. My view is that if Nifty breaks below this level convincingly it can move further below till its next major support near 8990. This is lower end of the channel.

As Nifty is currently trading near a support, short term traders can look to buy Nifty for a bounce of 50-75 points from current level.

Broadly speaking neither bulls nor the bears are in charge of the markets. It seems like some time will be spent in the range mentioned above.