NIFTY: Measured Climb

Short term moves look volatile, big picture is reasonably, stable. From near no performance kind of stage for the year just about ten days ago, we bounced of near 800 points post the famous HM comments.

The big picture when one looks is just a volatile range. Bears would look it would give away, bulls would take home the point that it is still high and once the consolidation is over it will go up.

Bears expectation runs thin by the day as the bulls climb inch by an inch in a measured move.

However, the nature of bears is one big move down than measured one like the bulls. Does not suggest we are in for one either.

Respecting markets supply and support zone is part of the Money Management principles.

As suggested yesterday, this week close is crucial, so far, we are cruising for new weekly close high. That means nothing within the range or a perforated move higher.

By the sight of overbought markets have been correction since the April, that is one sign to suggest it is very normal range markets than what we witnessed in the first of the last one year.

For the day 22530-660 should work, with a failure at the top than at the bottom. Bears need a close below 22380 that is far away.

Supports 22540-22505-22465-22438
Supply 22629-22665-22685