Bulls Need Conviction to Scale New High: Caution Ahead!!
On Friday: The Nifty opened in the green, but could not sustain due to the profit booking at a higher level, finally ended in the red at 11018.90. The index saw an important week as it again reached above 11K after six months. Technically, the Index faced resistance at the current level and the bulls seem exhausted,which may halt the upward move and some more sideways action is not ruled out. Now it is crucial for the Bulls to sustain above 11000 and need a breakout to confirm to scale a fresh new high. The Index may consolidate and defend 10950 and try to break out the resistance in this week. The market might... Read More