Nifty again had a good follow through day. It is right against the Feb 27th resistance of 5449 and we will find out how it is working by tomorrow. Today it took out Feb 7 - 14 congestion areas high which is a good sign and closed all the way high.
Market breadth is getting into positive side and we are getting good momentum in this market. I am waiting for a strong positive market breadth to look for high risk opportunity. Negative breadth is going down in this market.
I am not really excited by the overbought-oversold ratio. Its not making enough move with the index. In last 4 days index made around 4% move and we don't see much overbought stocks in the market also oversold stocks are not going down much.....
I would prefer to wait till Nifty crosses 5449 before taking high risk position till then keep looking for good short and long position candidates......
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