On Friday we had a major down movement in Nifty. I haven't had time to review the budget details but looking at the market action, it seems like that market is happy with the budget and since last 5 sessions we have negative breadth going up everyday.
Overbought-oversold ratio is turning bearish today and next down day will make it sharp upwards movements in negative territory.
We have next support area at 5168 and resistance area at 5492.
Looking at the market condition, I believe short position can work better in this market.
Overbought-oversold ratio is turning bearish today and next down day will make it sharp upwards movements in negative territory.
We have next support area at 5168 and resistance area at 5492.
Looking at the market condition, I believe short position can work better in this market.
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