Nifty has followed the road map charted a few weeks back and is at a very crucial resistance band.
5180 - 5220 is a band which will be extremely difficult to cross, in the same way that 5090 - 5110 acted as a support.
However, the fall might not be fast, since lots of traders are stuck with short positions and they will cover on every drop, thus supporting the market.
A close near the lower band - as close to 5100 as possible - will be an invitation for bears to attack overnight, taking Nifty below 5090.
As seen on numerous occasions, such levels are generally crossed only with the help of a gap down.
Time for caution to hold longs overnight, since bulls might run out of steam any day.
1 comment:
Hatsoff AP: Keep it up
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