Nifty is stuck in a range of 16400-15700 since the past 2 weeks. Yesterday it managed to test the top of the range but failed to give any significant breakout giving a chance for bears to take control again. With so many macro economic pressure's mounting it will be interesting so see how Nifty will react. I believe that the range will continue for the month of May, as June onwards US Fed will begin its Quantitative tightening measures which will be the deciding factor in providing us with a clear picture where the nifty will head next.
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