Yesterday was another day of consolidation and in the end turned out to be a flat day considering the previous close.
I had written yesterday, a break of 5288 would push markets higher, but the break did not happen and 5287 became the hard ceiling for the day.
The historical volatility is very near to the year low and the expected breakout has not been happening for a while. The volume PCR at 0.95 though neutral has started to favour bears. Since the volatility is shrinking for quite sometime, markets should shrug off and go for a short term move either side. 5225 is a key level where the bear trap was made a few sessions earlier and that should provide a strong support.
Resistance levels : 5262, 5288, 5311
Support levels : 5238, 5225, 5201
Happy Trading
www.tripleint.com
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