On friday, the first day of the october series, there were clear moves in market indicating indecisiveness on both the bullish and bearish fronts.
Looking at the intraday charts, there seems to be a strong bull trap at 4979 levels and a bear trap at the day's low of 4934 levels.
Though at this point it might be too early to call for the next trend and there are initial signs of weakness setting in for a bearish move, there might be some more consolidation and an increase in intraday volatility going forward and markets to remain range bound in this short trading week of three sessions.
Resistance levels : 4979, 4999, 5020
Support levels : 4947, 4927, 4918
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Happy Trading
www.tripleint.com
www.tripleint.com
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