Nifty Technical View
- Many bottoms at 8500.
- Resistance at 8750-8800.
- Can it see a move beyond this range in coming weeks.
- As the trend is still up the assumption would be a breakout on upside till 8500 holds.
CNX 500 Technical View
- CNX 500 is a stronger higher top and higher bottom.
- As the trend is up assumption is a breakout beyond 7600-7650 resistance mark.
- Downside 7350 remains the trend change point.
It would be interesting to watch if we see follow up action out of this range in next 2-3 weeks. A triangle consolidation is also a pattern where one can look for a long strangle.
Although the benchmark indices are consolidating and yet to breakout on the upside but the microcaps/smallcaps are seeing a strong move.
Today almost 25 stocks were on a 20% circuit on BSE.
In simpler terms.
Be selective and manage risk.