Nifty 50 has spent a month in 11000 range. It's near it's support and resistance. It's in a narrow triangle wedge, preparing itself for a big breakout. The shape of the wedge suggests an upward movement. The 4+ month long rally suggests a correction is due, correction - not crash. So, buy nifty with caution.
If you scratch below the surface, a powerful sector rotation is happening. So, right now trade Nifty with caution and focus on individual shares.
Operación activa
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So, Nifty is Bullish despite all the people predicting a fall. Go long with a target of 11450
Interesting , when everyone is talking about weakness and starting of a bearish movement , you talking about NIFTY still going up and indeed it went up yesterday. Good call!
ashoksamuel02
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spinning top is not valid in a sideways market, however the nifty is in a bearish mode
@chambalabs,
1)It has already reached the Fibonacci level
2)market was up only because of RELIANCE but now the reliance target on upside is also acheived
3) reliance has already given a sell signal for correction
4) due to heavy pressure in financial services
The bank nifty couldn't cross the recent double top
5) today shaktikanta das has given a statement that there is disconnect between the indian stock market and the real economic hence there will be a correction in stock market.
chambalabs
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@ashoksamuel02, Indeed, they all are true. So, I won't go long. But, the chart is yet to reflect that. In fact it still shows upward trend. So, I won't short it. That's confusing, so I That's why I would not trade Nifty.