Nifty has turned bullish without any strength. With Price closing above Slow EMA on both Weekly and Daily charts. The short positions which we are holding now have to be exited on breach of previous day's high levels. Though the hourly charts have retraced very strong bearish divergence, there is a likely chance of sideways moves for some time before any clear trend emerges.
On a re-test of previous highs, Nifty will retrace further bearish divergence. Trade longs with high caution to exit on first weakness, while there is a very strong bearish trade to unfold soon. Be prepared for it.
Our HINDALCO is close to target. Exit on target as there is no inherent strength visible to take it any further. Metal charts have also started getting weaker. The only sector which is still bullish is Consumer durables. TITAN, BLUE STAR & VIDEOCON are likely to continue with bullishness for some more sessions.
Happy trading.
No comments:
Post a Comment