Yesterday looked like a good day for the markets to rise from a Gap-Down opening but it wasn’t so.
We have been down 2 out of 3 days in this week with a net loss of just under ¾ of a % if you look at the SENSEX/NIFTY and BANKNIFTY has been flat all this time, surprisingly.
Global cues/ FII selling is just a ruse – the NIFTY and the BANKNIFTY have been consolidating in a well-defined trading band – 16820-17500 & 35780-36460. This range was given in the start of the week, and it shrunk considerably since then as the upper end kept moving lower.
Going forward, the markets remain neutral while in this range with a breakout outside the range setting the trend in the direction of the breakout.
Conservative traders can come back to looking at specific stocks.
28 Apr 22 | ||
Index | Sensex | Nifty |
S2 | 56,429 | 16,921 |
S1 | 56,615 | 16,977 |
Previous Close | 56,819.39 | 17,038.40 |
R1 | 56,981 | 17,087 |
R2 | 57,079 | 17,116 |
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