Nifty View: A 35 points up move from the benchmark Nifty in today’s session to post a close at 15,869. Thanks to this move the underlying short term trend now turn UP, again. Now the big deal going forward is how well the index deals with the immediate resistance of (15,900-15,930). This has been a proven range of resistance and so the index will need some fresh momentum to break above a set a new life high. On the downside, 15,800 is the immediate short term support for the index and as long as this level is not breached maintain a bullish bias with an anticipation of a new life high. Keep a closer watch on the banking and financial stocks.
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Great. Also, would be great if you could share some knowledge on the common mistakes, or traps that one should avoid while doing technical analysis.
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