Strong rally on Nifty which is taking support at 5800 now, is likely for a turnaround. Volume indicators show weakness & in case of such moves, market is likely to take support at 5600 levels before a bounce back can come into the index.
With most of the sectoral indices closing on a positive note, we see the leaders loosing steam. Even our India King's Index of India's top 10 stocks show weakness beyond market averages. This is likely to transform into a short term bear move in the markets.
Daily chart of Nifty is trending now and will give a good opportunity for short term swing trades in the hourly charts. Trend following positions on the hourly charts which have run up above 350 points in gains, show more weakness and is likely for a reversal. There are possibilities of a short trade in the coming sessions.
With most of the sectoral indices closing on a positive note, we see the leaders loosing steam. Even our India King's Index of India's top 10 stocks show weakness beyond market averages. This is likely to transform into a short term bear move in the markets.
Daily chart of Nifty is trending now and will give a good opportunity for short term swing trades in the hourly charts. Trend following positions on the hourly charts which have run up above 350 points in gains, show more weakness and is likely for a reversal. There are possibilities of a short trade in the coming sessions.
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