Given all the negative headlines from around the world, on the surface it looks like the world is about to end, markets are going to go kaput and we have nowhere to go. But may be all is not lost yet if we look closely?
Here’s what the charts say:
Nifty (Daily candles): For the past seven months, Nifty hasn’t gone anywhere outside this box and continues to play around in a 10% range. As long as it is still in this range, its safe to say bulls have some hope to take it higher again. 23900-24200 range is the line in the sand where bulls can keep their stops at.
Nifty (weekly candles): If Nifty’s daily candles gave a glimmer of hope, weeklies raising the bar a little higher – Support just around the corner in the form of three-years long ascending trendline which is also forming an ascending triangle – bullish sign.
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Macro micro trader 