Defensive traders should refrain from aggressive bets on Nifty: Nilesh Jain

The overall fall in volatility is hinting at no major move in the short-term

BUY NIFTY | TARGET: 10,850 | STOP LOSS: 10,680

The Nifty index continued its up move and also filled a gap that was placed at 10,800. Nifty has also reclaimed its 61.8 per cent retracement levels of 10,550 on the closing basis. The momentum indicators and oscillators are very well in the buy mode on a weekly scale which hints that bulls are tightening the grip and current pullback is likely to extend further. The volatility index, IndiaVIX, fell by 2.6 per cent and ended at a 4-month low of 25.1 levels. The overall fall in the volatility is hinting