CNX Nifty breached the resistance level of 8560 on Thrusday, 17 July 2015. On Friday, Nifty opened with a gap but couldn’t sustain the previous day rally, closed at 8609.85 below the opening level of the day and took the lead of just one point over previous day close.
There was a little action on Friday, indicated by a very small trading day range. Coupling it with the facts that it was non action day on the resistance level and current uptrend fed itself on relatively low volume in comparison to recent uptrend waves shows the bulls are exhausted at this point and bears might take control from here.
Expect a halt in current uptrend in the form of either market going sideways or plummeting down.
Upper Pane: Daily Price Chart with
Lower Pane: Volume
There was a little action on Friday, indicated by a very small trading day range. Coupling it with the facts that it was non action day on the resistance level and current uptrend fed itself on relatively low volume in comparison to recent uptrend waves shows the bulls are exhausted at this point and bears might take control from here.
Expect a halt in current uptrend in the form of either market going sideways or plummeting down.
Upper Pane: Daily Price Chart with
Lower Pane: Volume
