NIFTY - NO NEWS IS GOOD NEWS

١٠ فبراير ٢٠٢٢

Nifty rallies with gap and closes near high. Previous up move had three gap openings and then the corrective move towards 17100. In the current up move this is the first gap. Today being important date to hear from the Central Bank on policy perspectives. Globally US Consumer Price touted as 40 year event is looked much abated breath. For the bulls the take away is the inflation concerns are a known one hence the market moves of last two days suggest they are pretty much discounted. For the bears, the up move lacks strength as the volumes suggest hence the fall would be quick and thick. The attached graph is devoid of usual noise. It is just plain 9 day MA. it is neither a week date or two or a month roughly 1/3 of a month that is where we are now. It clearly suggests we are in a triangle pattern and the vertex is still not pierced either way. Some more round trip is the order. For the day 17350 is strong support while 17630-680 is the supply zone. Within that 17390-17550 is the range. A direct break below 17330 aids bears and a close above 17600 helps bulls. Prefer to wait for today close and watch.