In the last 3 sessions we saw NIFTY making higher highs and higher lows clearly signalling that bulls are still strong. Bulls made a strong attempt to touch the 200 DMA in the last session, but were not able to do so, may be due to the holiday today.The three day pattern and the way bulls are holding NIFTY strong indicate that it has to certainly touch and break the 200 DMA barrier atleast in the next session which stands at 3425 currently before deciding the further course of action.
In any case, a retracement till 3250 levels is not ruled out in the very near term and only on a break below that level will bears be able to take further control. Till then it is very much under the control of bulls, but they might also not be able to push it much higher from this level without NIFTY correcting further.
It might be best to short further upside moves over and above the 200 DMA and play for the retracement till 3250 or atleast 3303 levels for the very near term.
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