Nifty Trend Analysis For week starting 06 May 2019
Short term trend is sideways with distribution happening at higher range of 11800-11830
(see chart above – Nifty Daily Chart)
Bears are using the market rally to go short and bulls are having no strength and conviction to take market higher from this range.
Market seems to be waiting for may election result which is due in last week of may and that will decide the bigger trend for the year 2019.
On downside there is still buying interest from market participants and dips are been bought in to.
11715 is strong support if that is taken out by bears then we can see 11500 in coming few sessions.
Nifty Trend Breakout
For uptrend to continue nifty must breakout with volume above 11830. Any move above 11830 with momentum shall take nifty to levels of 12200-12300 in may series.
I am holding longs with protective stoploss!