The Gap created on 4th May was NOT a 'Run Away' GAP and hence its 'filling' up was anticipated.
The current move down is for filling up this gap and it is likely to resume its upward journey towards the resistance area of 3800-3900...
The OBV too is support the current upmove since Nifty 2800... I expect the OBV to give us 'advance' indication of whether the Nifty will reverse from the resistance of 3800-3900 ....
Till then trade upside ...
The Election results are just a few days ahead ... Watch Out !!!
Happy Trading
CA Rajiv D Khatlawala
Head of Research & Training
JHAVERI Securities Ltd.
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