Nifty Short term trend continues to be in a positive zone with an immediate single print support zone comes around 12080 and 12125 levels. However first week of December series is likely to be a cautious uptrend as macro events like GDP Announcements & RBI Policy announcements are nearing.
Post the Mondays elongated trading session, short term traders are piling up and that brings the cautious approach in the trend. These are the places traders have to get into very short term positions until the events get over and good to remain neutral post the trading sessions.
AB Poor Low formation near the swing high on last Thursday session indicating that too many short term traders onboarded to current prevailing uptrend and probably nearing the end of the trend.
Since there are single print zones that could act as a support zone. The negative trend could prevail only if those single print zones get broken. Until then a mild positive bias is anticipated.
Post the GDP Announcements, RBI Policy trend reversal can be anticipated on the downside. Until then one has to hold the breadth and keep riding the current short term trend.
