The Nifty is range-bound. Background signals are conflicting. The VIX is low, indicating traders are not nervous. However, breadth is negative with advances outnumbered by declines. Volumes are middling to low. Geopolitical tensions continue with fears of a trade war involving the US vs China and US versus the rest of the G-7. However, crude oil prices could come down with Russia and Saudi Arabia apparently set to pump more.
The Nifty tested 10,900 unsuccessfully on June 13, topping out at 10,893. It has stiff resistance between 10,830 and 10,900. This is a falling top compared to the high of
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
