The sudden and unexpected upmove in Nifty on Thursday left the bears trapped once again. Such moves are not uncommon as the major trend, though in corrective mode, is still above the zero line ( see the hourly chart of Nifty below). These moves trap the bears on the wrong foot and in the process move the indices higher on short covering.
A closer look of the 15 minute chart below shows the development of intraday bullish alignment which resulted in a ferocious upmove in Nifty.
As expiry approaches, an intense battle lies ahead as bulls will use all their might to close the expiry above 6800.
