As i have told you earlier, Nifty is trading in a very narrow range.
There are multiple supports at 5550, 5520, 5530, 5550
and multiple resistances at 5580, 5590, 5600, 5630
Trading in this tight band will be very difficult for any trader.
Though the bias is negative, you can still not neglect short covering at these levels since there are huge shorts in the system and Nifty is in highly oversold situation.
Instead of trading in index until we see a decisive move, it is better to shift our focus on buying or selling specific stocks.
There are multiple supports at 5550, 5520, 5530, 5550
and multiple resistances at 5580, 5590, 5600, 5630
Trading in this tight band will be very difficult for any trader.
Though the bias is negative, you can still not neglect short covering at these levels since there are huge shorts in the system and Nifty is in highly oversold situation.
Instead of trading in index until we see a decisive move, it is better to shift our focus on buying or selling specific stocks.
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