In line with the global cues our market followed rightly with a bearish opening. NIFTY has made a decisive move past its nearest 5290 support, now needs more strength to form a new valley on the MACD histogram to continue the bearishness. Holding here will give strength to the next bullish move and that is what is required for the daily charts.
While our short position is doing well with small gains, let's be prepared for trades on both directions. Value zone on the hourly at 10.00 am is at 5320-5317. The narrow gap that the value zone is in is the reason for NIFTY going into non-trend. This happens when there is a change of direction. If the opposite direction does not go strong, market will fall flat, at present it is a transition.
Hold on to both swing and trend positions with stops intact. Await next signals for exit on swing position and reversal for trend positions.
Thank you.
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