Nifty is showing bullish bias but is trading near significant resistance point. Can it breakout from this level to much higher levels or is this bullish move just an illusion.
Nifty Chart
Source: Chartalert.com
It depends on what Chasma one wants to wear while analyzing Nifty Chart. If one is bullish – then one can say – Nifty is trading above 200 dma/ 50 dma and there is possible formation of Inverted Head and Shoulder pattern and breakout above 5390 spot will put the Nifty on path to 6000+
On other hand, bears will say that Nifty has run its bull course and next path is down. Well, its tough to say what will happen…but one thing is for sure – Bulls have upper hand right now and if Nifty closes above 5400 and sustains – one should be ready for momentum spike in market no matter how unbelievable it may sound. But first…let the move happen.
Frankly…I also find it difficult to believe that might happen but in markets
You don’t trade your beliefs….You trade what market believes in..
Please do your own due diligence before trading..
