NIFTY STILL IN CHANNEL. RESISTANCE MAY COME BETN 5520 TO 5560 APPRX.
look at bigger channel with interesting fibo levels.
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my view is to alert all that we are poised at critical point in market. at a resistance of a channel running from long time and at critical fibo ratios time wise and price wise which can change direction in market.if this top of 5545 is crossed decisively then only we can see bullish moves immly otherwise chance of correcting are more.
us dollar index is on up move after correcting up to expected 80/82 zone and on crossing 83 again it will bring more n more weakness in us markets and up to what time we can be decoupled ?most of global markets have started weakening. liquidity is a driving force to sustain bullishness. when valuation are attractive in other markets or assets liquidity will shift and that can bring corrections.
better to move to defensive bets like fmcg/pharma/power time being for preservation of capital with some appreciation.let KING MARKET decide its direction.price has not shown any weakness. higher high and higher lows are seen.
one more technical matter,gap seen when island reversal was seen after first up move when lower top of 18895 was made (after top of 21206) is just filled. will we cross this zone?
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