It was an eventful day for you if you are an intraday trader. The Low to High range for Nifty is 100 points plus and the morning fall & afternoon rally were as smooth as it can get, a straight line fall followed by a V-shaped recovery.
The 11800 to 12000 range still holds and like we suggested a few days back range trading will be more profitable.
The support and resistance lines are playing their part well. The will keep holding till one day they will no longer hold 🙂
I was honestly expecting a better market BREADTH after the kind of afternoon pullback we witnessed in the market. But Alas! that’s not what we got. A sign of internal weakness. A handful of stocks are managing to keep the Nifty at the current level.