Markets are likely to take a pause before the upmove. For now trade smart instead of jumping ahead
Trade in levels given for August
Sensex - The action formed into a small bear candle, indicating respect to the 80%
retracement level to the previous fall, exactly as we suspected. Since it is a smallbodied candle, it indicates indecisive action rather than breakdown. Bias can
remain positive if it protects low of 18071. However, we remain careful near 80%
levels.
The Nifty is likely to trade in the range of 5400-5450. The trading strategy would
be to create short positions if the Nifty resists at around 5448 levels for targets of 5435 and 5415. On the other hand, one can also create long positions if the Nifty
takes support at around 5410 levels