Nifty has been making a series of lower lows and lower highs this week. After closing below 3370 yesterday, the trend has also turned bearish until we close above 3370. However, positional shorts are not advised at this stage as the bounce back can happen anytime now.
On Thursday, April 23, Nifty is likely to open flat. It will face immediate resistance near 3355-3360 area where one can go short with a stoploss above 3365. If sustains above 3360, Nify might try to test 3380-3420. Intraday traders may go long only above 3365 with stoploss at 3355.
Nifty resistance at 3360-3380-3430. Support at 3325-3290-3260-3225
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