A Mild Correction is On?
- It seems that the mild correction as envisaged in the yesterday's post is on now. The supports and resistances given in the previous post remain valid and are reproduced below.
- Major lower support for the Nifty contracts are at the 5700 to 5750 levels.
- Above these levels, minor supports are available at 5800 and 5850.
- Please note our the preferred view for the market is for some more consolidation between the 5700 and 5950 levels in the immediate future.
- Traders and investors may take note of the first raising of interest rates done by the European Central Bank after the big bear market, which may signal the start of the monetary tightening process in the developed economies. It is natural for equities to under perform in a rising interest rate regime.
- This late update of the Momentum Signal trading system contains only the basics of the system due to some time constraints. Please bear with the author.
Nifty Futures - Intra-day Chart
