- As you can see in the above chart,every quarter Nifty range was contrasting drastically
- From last 6 months Nifty trading between 5178 to 5945 range without giving any direction.
- In this quarter we almost completed 1 month and fresh August series can offer a break from this range.
- For this fresh series option data suggests support at 5400 and resistance starts from 5500 to all the upside levels.
- As long as Nifty trades below 5480 level it indicates a weakness and drastically test lows.
- The level you need to watch as support now is 5438 level.If it's closes below this level it can test 5225 level within 10 days time.
- Even US default news making rounds.Everybody cautious about the outcome.So be alert..
- Even in this 3-4% range bound markets our positional trades are making a good profits.
- Pharma and IT witnessing lower level buying.keep an eye
Cheers & best to your trading
