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Nifty Update

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Here is a snapshot of Nifty move in last few days:

August 3: Closes Down by 79 points

August 4: Closes Flat (compared to previous close)

August 5: Closes Up over 130 points

August 8: Closes Up by 28 points

August 9: Closes Down by 33 points

August 10: Closes Down by 100 points

August 11: Closes Flat

August 12: Closes Up by 80 points

August 16: Closes Down by 30 points

While this may seem like a lot of movement, a cursory look at the chart would tell you that the market is stuck in a range. The momentum has been lacking and the market has failed to either move below the crucial 8478 level nor has it managed to accelerate to the upside. Currently the market has been trading between two trend lines T1 & T2 as as shown in the chart below:

Nifty

We think it is likely that Nifty may yet again try to test the T1 trend line and in the process may be brush close to 8800 level. This T1 trend line should prove to be a make or break resistance line with odds being that the next attempt to break this trend line may also fail. Short term crucial support is at 8540 followed by the 8478 levels.

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