The index saw a sudden selling spree in the last hour, though Nifty managed to cover up partial losses, but didn’t sustain to close green. 10530 levels are acting as strong support for the index. A close below it will confirm sellers back in action.
As long as it remains above it, chances of sell off are dim. Trading in sideways zone, bulls to get active above 10640 (closing basis) From a trading perspective, it is better to ignore the index until the above mentioned levels are not taken off. The RSI is taking support on the bullish extreme zone on the hourly charts (RSI Edge Analysis) it will further make difficult for the bears to take control.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA