Mumbai: The Nifty has been range-bound since early part of June and is trading in a tight range. The midpoint of the range is around 5,200, and a +/- 150 range either side.
Post the top of July 10, the index left a bearish gap between 5,267-5,300. This gap area has now attained great importance with respect to bulls.
A break and close above it by early part of next week would mean that markets could start a fresh new uptrend. On the flip side, a failure around these levels would mean that the index falls back towards the lower end of the range at 5,050.
August 6 and 7 are the dates when the Nifty may make a probable attempt and a possible breakout. However, if this date gets extended then the bulls could lose the plot.
How we start the next week would set the tone for remaining of August.
Post the top of July 10, the index left a bearish gap between 5,267-5,300. This gap area has now attained great importance with respect to bulls.
A break and close above it by early part of next week would mean that markets could start a fresh new uptrend. On the flip side, a failure around these levels would mean that the index falls back towards the lower end of the range at 5,050.
August 6 and 7 are the dates when the Nifty may make a probable attempt and a possible breakout. However, if this date gets extended then the bulls could lose the plot.
How we start the next week would set the tone for remaining of August.
