The Nifty index has so far shown fine strength as it hit a new life high with participation from the Metals and broader markets. The underlying trend and momentum are still on the upside, but the price behaviour seen last Friday can lead to what we call a "breakout failure." So, if we see a fall below last Friday's low, then the chances of this failure increase, which opens up the possibility of further downsides. Strategically, traders should be careful with fresh long trades and only look for buy opportunities wherein they have a convincing setup.
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Негізгі бет Nifty this Week: Are We Headed for a Breakout Failure - 12 Apr'24
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