NIFTY Opened today down with a gap of approx. 42 points at 5117, but very quickly managed to recover back up to 5150 level. in the process , it made an intraday high of 5151 . It very quickly sold back down to levels below 5100 making an intraday low of 5090. Nifty gathered momentum near the 5100 area and closed the day at 5126.
Nifty seems to be stuck in a very narrow range of 130 points ie between 5180 and 5050. Only a break of this range with heavy volumes will trigger the next directional move for nifty. A close above 5180 area will lead nifty to 5350 - 5400 zone. Whereas a close below 5050 will take the nifty back to retest 4800 area.
Our view on nifty is neutral to bearish. Only a conclusive break (close) above 5182 level will trigger a chang in momentum. A break below 5050 will very quickly take nifty towards 4800 and in the process will make a formation of double top on the daily charts. Any rise in nifty should be used to short the market with a stoploss of 5180 area.
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