Normally people are not used to seeing nifty on a weekly scale but this may be the time to do that. The current up move is stuck between 2 gaps on weekly and we are pretty near the gap on top. The simple math of probability says the price will stay below this super trend. However, the market is also in momentum right now so it may not care for any probabilities.
There are only 2 potential outcomes: either the price will cross the super trend or not.
Please also note that Banknifty is not showing the same strength as Nifty:
Personally I would be more comfortable in long, only after I see a daily close above 11k.
Remember this may be a very risky time. Review your risk potential and make good use of this opportunity.
There are only 2 potential outcomes: either the price will cross the super trend or not.
Please also note that Banknifty is not showing the same strength as Nifty:
Personally I would be more comfortable in long, only after I see a daily close above 11k.
Remember this may be a very risky time. Review your risk potential and make good use of this opportunity.