Another doji day and the doji is shrinking further with decreasing volume. It certainly is a sign of market participants waiting to take position and looking for further clues as to where this market is headed.
Looking at the global cues and SGX nifty, it looks like we are likely to open lower, but then will that be the start of the downtrend.
I dont think so.
It looks like there could be one more day of indecisiveness and a further day up before this market sees correction.
The present scenario is that both bulls and bears are not comfortable holding on to their positions and it is a clear tug of war equally poised.
Resistance levels : 4550, 4585, 4620
Support levels : 4507, 4487, 4450
Happy Trading
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