NIFTY IN A CONSOLIDATION MODE. Nifty opened weak in line with the asian markets at 5109 and tested the intraday low at 5084. Hovering around 5110, Nifty suddenly spiked up to 5145 making an intraday high of 5153.7 surpassing the yesterdays high of 5151 by 3 points. Volume and momentum are very low in the market.
Nifty is still stuck in a same old range of 5050 to 5180.Only a break from this range with good volumes will trigger the next directional move. As mentioned yesterday a close above 5180 will trigger a move towards 5300 - 5400 area and a move below 5050 will trigger a retest of the 4800 area.
Our view on nifty is still neutral to bearish. The range of 5050 - 5180 will be broken sooner or latter.
Market can be short with a stoploss of 5180 area. Markets are looking for a trigger probably tomorrow we have an IIP data and an inflation data on 14th.
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