Nifty has approaching its resistance trend line and hopefully will test it tomorrow. We will find out the strength of the market by tomorrow. Key points to note that, Nifty is making lower highs and lower lows since last month. Fells rapidly when approaching resistance trend line.
The good sign is that, during this last move down, we had less strong negative strength market. We have seen that every time market used to go down negative movement used to get strength.
Overbought-oversold ratio hasn't changed much....
Looking at above, I believe if Nifty breaks resistance trend line, it will have more chances to go up rapidly.... to test the 5500-5600 range. Until then it would be good idea to get into light positions....
The good sign is that, during this last move down, we had less strong negative strength market. We have seen that every time market used to go down negative movement used to get strength.
Overbought-oversold ratio hasn't changed much....
Looking at above, I believe if Nifty breaks resistance trend line, it will have more chances to go up rapidly.... to test the 5500-5600 range. Until then it would be good idea to get into light positions....
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