So, 14860 taken out and 50-DMA as well but the current level has been a stumbling block on three out of the last seven days of trading.
Granted these encompassed FY ending and a shortened week but we also have to contend with the lower top lower bottom that has formed over the last 30 trading sessions.
But for me, levels are sacrosanct and I have to shift stance with 14860 broken and held and would use the recent gap between 14570 and 14620 as a stop for trading up move. Given that a push past 15335 is needed to negate the lower top lower bottom formation and this being results season, volatility could whipsaw this call.
For now, external environment appears supportive to flows as the American Jobs plan is being seen as a tax and spend helping yields cool off a bit while fanning the red hot US economy that threw up better non-farm payroll numbers on Friday.
Clearly, there could be a greater concern on inflation expectation down the road, but for now, we could ride the US coattails and hope April lives up to its historical record.
The author is an independent trader-cum-blogger and has worked at leading brokers on the institutional sales desk over the course of his near three-decade long career in the stock market.
(Edited by : Aditi Gautam)
First Published: Apr 4, 2021 8:59 AM IST
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