It is strongly recommended to continue approaching the markets on a highly selective basis and vigilantly protect profits at higher levels. There is no technical evidence present on the chart that suggests a steep decline, however, there won’t be any steep up-move in the market either unless the 18,350-18,500 zone is taken out convincingly. The technical structure of the markets suggests that the ranged consolidation may continue and the market will continue finding selling pressure at higher levels.
This makes the 18,350-18,500 zone a strong resistance zone for the index.Īll in all, we are not yet completely out of the woods. Right now, the index trades near another pattern resistance point of 18,389. The index resisted this trendline multiple times before crossing above it and taking support on it twice. The pattern analysis shows that Nifty is playing out well to the falling trend line that begins from 18,600 and joins the subsequent lower tops.
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