Nifty continues to move up with forming a higher and higher base. The bulls earlier fought it out for 3300, then 3450 and now 3600. Once an important level is crossed, the support for Nifty keeps moving higher with only intraday corrections, if any. This has become an easy market to play if you are on the side of bulls. How long it will remain like that is anybody's guess.
On Wednesday, expect a flat to negative opening on negative global cues. The stoploss for all shorts should be placed at 3660. Above 3685-3690, Nifty can fire upto 3720-3750. It struggled at 3685-3690 yesterday and it will be interesting to see if it breaks as some indicators have started giving bearish signals now. On the downside, support lies at 3625-3590. Break of this range can see Nifty fall upto 3560.
Nifty resistance at 3660-3690-3720. Support at 3625-3595-3560.
Nifty tips
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