After having touched 11620, nifty has retraced 11533 in this week. Though the daily candle suggests a down trend the weekly bullish trend remains intact.
We must wait for a clear direction during the next week. The expiry moves and tight grip by bulls keep the nifty forming higher tops and higher lows day after day. Unless a weekly confirmation emerges on reversal, there is nothing negative about this marketl
Bank Nifty has been reversing at 27779/27782 levels for the past two weeks. Assuming 27780 remains a good support then we can expect fire works in bank nifty. If 27780 is broken on Monday, then Nifty may not be able to gain substantially. Taking support from few scrips by way of short covering could be the only option for nifty to keep floating around 11550.
To summarize, up move is limited. Also no major down side. The trend is neutral.
Wait till next Friday and once the direction is confirmed we can sit on CE or PE.
Watch my blog on Friday Morning next week.
Till then .. Good bye!!
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