Nifty trending in downward channel both short term and long term. It is just in last few minutes before end of the day that Nifty gave unexpected move. These kind of moves for few minutes, I don’t confirm this as a good rally. It wont change our technicals as well.
With 4830 stop it is a short on rise mood. Downside 4700 giving protection. Below that the ultimate support is 4640. But I can say Nifty has been giving chance to the traders to trade both sides every alternative week. Every 2 weeks Nifty swings almost 300 points. Good way to kill the Option premiums.
Technicals – 4690 << 4740 << 4780 << 4830.
About the Author : Priya is the Technical Analyst and author of Analystcalls and often writes guest posts for Marketcalls.