{"id":3569,"date":"2013-10-02T17:33:55","date_gmt":"2013-10-02T12:03:55","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=3569"},"modified":"2013-10-02T22:50:49","modified_gmt":"2013-10-02T17:20:49","slug":"short-term-nifty-update","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/mf-research\/advisory\/short-term-nifty-update\/3569","title":{"rendered":"Nifty Short-term Update"},"content":{"rendered":"<p style=\"text-align: justify;\">We have not updated the Nifty outlook recently as the index has been moving as anticipated. We<a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-a-correction-likely\/3480\"> expected a reversal<\/a> (probably 100-odd points early) and the Nifty obliged with a 500+ point fall off the high of 6,142. The chart pattern in the past few days prompted us to post this update. We believe that there is a possibility of a short-term bounce from the current levels. The Nifty combined Market Profile chart is posted below.<\/p>\n<p style=\"text-align: justify;\">\u00a0<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/10\/Nifty-Profile.png\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-3571\" alt=\"Nifty Profile\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/10\/Nifty-Profile.png\" width=\"1183\" height=\"683\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/10\/Nifty-Profile.png 1183w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/10\/Nifty-Profile-300x173.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/10\/Nifty-Profile-1024x591.png 1024w\" sizes=\"(max-width: 1183px) 100vw, 1183px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">It is interesting to note that the index look support at the prior &#8220;Single-Print&#8221; level and has closed on a positive note on Tuesday. We can see a couple of well-defined market profile areas. The price is likely to gravitate towards the Mode or the center-point of the bigger profile at 5,865. A breakout past this level could take us to the upper end of the value area at 5,915.<\/p>\n<p style=\"text-align: justify;\">From a trading perspective, any weakness would be a buying opportunity for the short-term trader with a stop loss at 5,690 and target of 5,865 and 5,915.<\/p>\n<p style=\"text-align: justify;\">The downtrend would continue if the Nifty falls below the Tuesday&#8217;s low of 5,700. From a broader perspective, we expect this anticipated rally to provide a low-risk shorting opportunity at higher levels. More about that in the next update.<\/p>\n<p style=\"text-align: justify;\"><strong><em>PS: Before taking any short-term trading decision, especially a long trade, traders may await a breakout past the immediate resistance at 5,810-5,820 before taking trades. A breakout past 5,820 affirms our short-term positive view featured above. Else, we could see continuation of the slide and a fall below Tuesday&#8217;s low would be a shorting opportunity.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have not updated the Nifty outlook recently as the index has been moving as anticipated. We expected a reversal (probably 100-odd points early) and the Nifty obliged with a 500+ point fall off the high of 6,142. The chart pattern in the past few days prompted us to post this update. We believe that [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,59],"tags":[123,67,89],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nifty Short-term Update<\/title>\n<meta name=\"description\" content=\"The price pattern in the past couple of trading sessions presents a low-risk trading opportunity for short-term traders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundsindia.com\/blog\/mf-research\/advisory\/short-term-nifty-update\/3569\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nifty Short-term Update\" \/>\n<meta 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