Nifty hit a stop or the corrective up trend continues?

FullscreenTap to expand

The market lose its steam as Nifty failed to cross 24300 again and fell to 24144 level before CAS action lead to a higher closing at 24219.

This puts market in a mix spot, a failure to surpass 24250 level in intraday may result in another selloff 24050-24000 level, while above 24300 market may regain strength.

The Global Scenario
Crude has climbed back above $93/bbl amid US threatening secondary sanctions and removing countries from US dollar system to put pressure on Iran.
Gold & silver charts are showing signs of another up move as dollar weakens and risk in US treasury reaches 2007-08 levels.

FullscreenTap to expand

At 24752 nifty has completed 61.8% retracement for the entire fall and now breaching below the trend-line support of 23900 may resume down trend to 22500-22000 level in the coming month.

The market may see a tug of war between bulls & bears and may act as trend deciding factor between psychological support of 24000 and closing swing low of 23767.

The market moves on factors beyonds charts, understanding Geo-political developments to macro risk scenarios are important to be relative in the market. it.

___ ___ ___ ___ ___ ___ ___