DAILY TECHNICAL VIEW

Nifty:- Decision time bears!

There are times bulls have to break their head for a return and there are times bears have to break their back for a return. The current price action is one such area for the bears. This is the least effort area for the bears to trigger.  Ideally 17700 should cap for move towards the 200 DMA. Looks a tall ask. But who knows in a market which can gyrate 1000 plus points in a matter for weeks this may look simple. With caution to the winds, bulls have climbed the mountain without enough oxygen support. There is strong scope for worst case profit taking and best case a mean reversion. Markets choose to confuse rate of consumer prices and consumer price inflation as one and the same. We have our own numbers to gleen later in the day. With truncated next week there is strong scope for markets to take some dime of the table. Stay short below 17720 for move back to 17550 as first move and then to 17480.

NIFTY BANK:-  It is steeper, not sweeter! 

With each passing days bears erase their hope and move the line in sand support higher. Bulls continue to climb the path without incline concerns and move towards the summit of 39-40K. This is equivalent to bear`s version of 32300. Will bulls oblige bears a chance to sneak. Will that be a corrective move down or a return. Will market get cautions and starts realistic in the journey? All are questions, answers will be found in price and perceptions. There is a great probability of move towards the 200 DMA in most of the frames and this is no exception. The Risk Reward favours shorts. With truncated week end the trade is skewed towards short. Short stops below 39180 for move towards 38180.

@sribhashyam65 – Trading View – sreebhashyam  www.quantumtrends.co.in

--- Ahead – Affordable – Accessible – QT Reports watch for this space for pricing details