Nifty after moving up from sub 5700 levels has taken resistance exactly near our levels of 5890 with 3 day closing of 5885,5875,5869. Price/Vol patterns suggest distribution has taken place at these levels. 2 possibilities now exist.
Poss 1: nifty may head straight down from here without crossing the 5900 resistance.
Poss 2: nifty may take a false break out above 5900-5910 and then head down.
A break out will occur only above 6030 levels till then mkts may oscillate and eventually head down towards our tgt of 5450-5500.
BE ON THE SHORT SIDE!!!!
(p.s. :- rbi monetary meet on 3rd may. price/vol action in options before this will lead the way)
Poss 1: nifty may head straight down from here without crossing the 5900 resistance.
Poss 2: nifty may take a false break out above 5900-5910 and then head down.
A break out will occur only above 6030 levels till then mkts may oscillate and eventually head down towards our tgt of 5450-5500.
BE ON THE SHORT SIDE!!!!
(p.s. :- rbi monetary meet on 3rd may. price/vol action in options before this will lead the way)
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