Consolidation is getting stronger week by week
Gone week Bulls couldn’t do much & bears were in action, though on Monday Bulls started strong , then rest of days been badly beaten by Bears.
On downside Nifty may not go below 1st Gap(17550-17576)-1st Support or in worse case 17350.
This consolidation going to stretch little more and range is 17550 to 18200/300 .
Nifty has to give a daily closing above 18260-18300 for a clear cut uptrend,
For next week ,if any day Nifty would close above short time frame resistance (17900-17950) then likely to move ahead to 18250-18315,
In case Nifty closes below short time frame support (17680-17711) then likely heading to fill 1st Gap 17550 – 17576
NIFTY is consolidation phase.
Wait for a daily closing above 18260-18300 for clear uptrend
Utill then keep exposure less , sit on cash & look out support zones to accumulate more qty of your quality portfolio stocks.
My Investment Notes 