#Nifty had witness a good profit booking yesterday during lunch time but had recovered a bit at the closing. During this course of trading, Nifty has formed a broadening formation on the charts which has the characteristics of high volatility. Generally a clear trend emerges only after the breakout from such formation but for intraday or short term view, we may see some short covering if we trade above 15700 today i.e., on 10th June. Would only square off my longs and go short below 15562 on spot levels while above 15818 it would be a booster rally again. So stay long for some more time!
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Near upper range of formation at 14815...Need a furious breakout above the same today!