Nifty daily chart formed a spinning top kind of formation
In the backdrop of gaining confidence on the fact that Britain may not head for Brexit according to the overnight polls result in Market today opened with a flat note. It remained range bound with no clear intraday direction to end the day with a loss of 30 points from yesterday\'s close.
In the backdrop of gaining confidence on the fact that Britain may not head for Brexit according to the overnight polls result in Market today opened with a flat note. It remained range bound with no clear intraday direction to end the day with a loss of 30 points from yesterday's close.
Nifty in its daily chart has formed a spinning top kind of formation. A spinning top is a sign of indecision and need further confirmation to guess the next direction of the market followed by this pattern.
As such any move above 8250 will be extremely bullish for the market and market could move beyond the recent swing high it has posted early this month around 8300 level. Alternatively, selling pressure should emerge on the move below 8070.
According to latest polls remain campaign has taken a major lead over leave as the final referendum is just knocking the door. From a minor lead of one point yesterday the lead has widened to seven points, where 53 percent voters want to stay versus 46 in favour of Brexit.
The key level to watch for our market is 8070 as support and 8300 as resistance.
By Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.
