(I am changing post heading dates....from today...)
NIFTY: It was a gap up day, which I really like to avoid at this stage. Market breadth is not very strong to support this gap up day. Most stocks are in overbought stage (last month most stocks were at their lows of the year so really not overbought but still need some rest).
Nifty broke the trendline last week.
Except banks most big caps are not showing weakness and most made 2 months highs last week.
Still bullish but until we cross 5400 we should not take high risks positions. Closing below 5024 or negative breadth will tell us the reverse trend is in affect.
NIFTY: It was a gap up day, which I really like to avoid at this stage. Market breadth is not very strong to support this gap up day. Most stocks are in overbought stage (last month most stocks were at their lows of the year so really not overbought but still need some rest).
Nifty broke the trendline last week.
Except banks most big caps are not showing weakness and most made 2 months highs last week.
Still bullish but until we cross 5400 we should not take high risks positions. Closing below 5024 or negative breadth will tell us the reverse trend is in affect.
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