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The Thursday’s sharp upmove in Indian markets can be termed as a Bear Trap as Nifty opened higher with a significant gap and eventually surpassed the crucial resistance zone of 10,280 – 10,300 levels.
In that process, Nifty confirmed its breakout from ‘Downward Sloping Channel’ pattern.
The bearish engulfing candle formed on Wednesday’s trade was negated as Nifty closed above the pattern high of 10,280.At this juncture, the hourly RSI (14) signals a Bearish Divergence hence it’s prudent to wait for some pullback to enter a long position. On the higher side, Nifty is likely to extend its ongoing short covering move towards 10,450.
Whereas on the lower side, 10,100 will act as a strong support and till the time index is holding above this level every meaningful correction is an opportunity to enter in the long position.
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