Nifty has a nasty reversal after a very long time. Technical stand point this is a pure weakness in the market. Weekly graph last week had a very strong hammer in the market with decent volume which is a good sign but today action is not good for high risk positions.
Market breadh is still strong but we still have major selling behind us that is forcing current index to stay low or consolidate in this area.
Overbought-oversold ratio has barely turned positive today which is not a major thing
Nifty is right against the 5449 resistance level of Feb 27 and we are keep getting heavy supply when we reach that price area. Until that resistance is crossed, one should not start taking high risk positions in their portfolio.
I will be looking for both long and short setups
No comments:
Post a Comment