Nifty: Nowadays Bulls take the Elevator too

Nifty behaved exactly the way it was anticipated. A short-term dip, enough to get bears interested and create positions. And then bounced back sharply from close to anticipated supports at (11,750-11,800). I have drawn two rising channels on this chart, which I sense will now provide immediate resistances. Going ahead, I feel the index will face resistances from multiple levels like (12,000-12,100) and further upwards at (12,200-12,250). Strategically this is not the best state to go aggressively long. And to initiate short positions you need to be patient to enter and impatient to exit … easier said than done.

On the downside, today’s low will be critical and only a break of this level will set in some selling impetus. I feel we are headed for some volatility now. Fasten your seat belts.

Trade Well. Trade Wise.