Indian stock markets had recently created lifetime highs with the BSE (formerly Bombay Stock Exchange) and Sensex and NSE (National Stock Exchange) Nifty 50 creating a price of 50,000 and 15,000 respectively.
Still, the Bull Run did not continue unabated and a drop in price was seen.
However, the drop was a pullback (also called correction or retracement) and not a change in the trend. As posited by many experts, both fundamental analysis and technical analysis, for Nifty 13,500 proved to be a support.
However, on similar lines, 15,000 has been a resistance. It’s more than ten minutes to today’s closing and the showing by the indices have been strong bullish so far. But, what about this resistance?
Thus, traders, especially short-term traders, have to make a decision. Will they hold their long positions, or will they exit their long positions? Further, will they entering a short position?
One way of looking at the price data indicates that profits in long positions from the level around 13,500 may be booked. What happens tomorrow will determine tomorrow’s course of action.
Disclaimer: All information is for education purposes only.
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