Just as we had stated yesterday about waiting and watching the market's momentum along with the support level of 18170. Similarly, we did observe how beautifully the Index took a bounce back from the stated support level, as it made a low of around 18202, yesterday.
Moreover, it was also observed that even after making a high of around 18404, the index couldn't sustain above the level of 18400 on closing basis. Which altogether indicates that the Market is currently trading in a range bound, i.e., between the levels of 18170-18400.
Well for now, we can observe the formation of a hammer pattern on the Daily chart of Nifty, which yet again brings us the positive hope for a bounce back.
Besides, just as we have been stating these days about our expectation that the Market will continue to trade in its range bound zone for the upcoming 10-15 days. So, be stock specific and continue with the rebalancing of your portfolio for now.
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