I think today counts as a day of profit booking..but we never broke 5050...
When spot broke 5050, we went into premium. Thats a sign that 5050 is acting like a bottom. Now what to expect...?
A dash to 5300 and beyond.... unlikely...
A selloff to 4900 and below.... even more unlikely...
Range expansion needs a upper band and a lower band and we will establish that first. So far, 5080 is the high. But we closed near the high and chances are we will see a gap up tomorrow, if global market supports. 5050 was todays low and so far 5050 to 5080 is the range.
Either boundaries will be broken tomorrow and a new range will be established...
When spot broke 5050, we went into premium. Thats a sign that 5050 is acting like a bottom. Now what to expect...?
A dash to 5300 and beyond.... unlikely...
A selloff to 4900 and below.... even more unlikely...
Range expansion needs a upper band and a lower band and we will establish that first. So far, 5080 is the high. But we closed near the high and chances are we will see a gap up tomorrow, if global market supports. 5050 was todays low and so far 5050 to 5080 is the range.
Either boundaries will be broken tomorrow and a new range will be established...
Today was NR7 day for Nifty Futures... I think tomorrow if we open gap up than profit booking will bring nifty futures back to 5050-5020 range... lets see tomorrow... personally i feel like going short on highs (I have initiated short @ 5080 today...)