Last week trading data suggests breakout will happen either side (2770 --- 2840 -- spot ) & after breakout will openup 50 to 75 points.
As per text book technical analysys suggest breakdown will happen (high probability) due to intraday chart, short term EOD chart & medium term EOD chart are showing extreme overbought condition & negative divergence with all leading indicators including volume. It is very strong bear favour but due to quarter end & financial year end window dressing we have observing buying interest emerged at lower levels thats why market are hovering in sideways mode with nutral bias not give any trending signal. Another point keep it in mind sensex does not close above 9100 level & weekly it has closed below 9000 level i.e. also bear favour.
However, downside is limited because DOW monthly charts are in big positve divergence as said earlier my own thread weekly analysys of NIFTY.
Let us to see, who will be in upper hand Tehnical analysys or year & quarter window dressing . It will be healthy for market to ride 3100 level after testing 2700-2650 level. If bulls are not allow to play the ground for bears now then it will be high risky to ride with bulls after 2880 level & high probability position will stuck at higher level.
Happy trading
Pra
:clapping::clapping: