NIFTY
On NIFTY spot's 1h chart we did see good selling in first one hour of today's trading session and we were also seeing expected follow through on next 1h candle but bulls did give there best efforts to push the market up.
After seeing good selling in first one hour of todays trading session test of yesterday's gap was expected but we see good bounce from the level of 17380 in today's trading session after testing midpoint of yesterday, which is now indicates that bulls are griping up in market again.
Second positive sign of todays trading session is that we have seen NIFTY managing to give closing above the level of 17490 which was good resistance area we have seen in recent past. Also, on 1H chart we are seeing nifty is sustaining above the same level now.
Overall Nifty is now looking good for longs in respect to positional traders but frankly speaking I am personally prefer to wait for breakout of 17600 level on daily chart.
hari om
thanks!!!! 🙂🙂