We need to approach the market more cautiously now than before.
Thursday’s session is likely to see 11,810 and 11,865 levels act as resistance points.
Traders should use any upmove to protect profits and take some money off the table.
The correlation between Indian VIX and benchmark Nifty50 is typically negative.
Nifty is likely to see the 11,710 and 11,760 levels pose a stiff resistance to any upsides.
However, their relative momentum remains strong and intact compared with the broader market.
Friday’s session will continue to see 11,630 and 11,675 levels working out as resistance.
Compared with the past few sessions, volatility may come down a bit on Thursday.
The daily MACD has turned bearish following a negative crossover.
Even if Nifty witnesses a small upmove, the 11,760 level may act as a stiff resistance.
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