NIFTY - How bullish can it get from here?
Updated
From the past 2-3 weeks I have remained cautious with my StopLoss and missed out on a few opportunities. Every time Nifty oroved me wrong for these 2 weeks and climbed higher.
But this week will give a clearer picture. Nifty is pressing itself at the top against a long channel wall and the rising wedge too is crushing it's movement from the bottom.
To supplement this we have 3 Divergences - MACD, RSI and TRIX. Further the Fib extentions quite expire at these levels (around 14700-15100).
Now if Nifty can break them apart and march ahead then it needs some solid steam to force it up but again I'm back saying the probability of it falling is more. A healthy correction. Will Nifty break the shackles or fall back ? Let's see.
But this week will give a clearer picture. Nifty is pressing itself at the top against a long channel wall and the rising wedge too is crushing it's movement from the bottom.
To supplement this we have 3 Divergences - MACD, RSI and TRIX. Further the Fib extentions quite expire at these levels (around 14700-15100).
Now if Nifty can break them apart and march ahead then it needs some solid steam to force it up but again I'm back saying the probability of it falling is more. A healthy correction. Will Nifty break the shackles or fall back ? Let's see.
Trade active
Many of you might have got puzzled with today's run of Nifty as it closed above the channel which I considered a very strong resistance. Well, going by pure technicals, that is a good sign but I some how see it as some kind of mental trap. Retail Investors are naive and I feel they are made to believe that the markets are all very strong whenever there is a dip.Note
What we should do? Pick the stocks on your radar which haven't run much so far. At the same time keep a "VERY STRICT STOPLOSS" because just in case the next time Nifty tests the waters , it might struggle for a while before catching its breath again.
*DISCLAIMER*
For educational purposes only. Not a recommendation.
Treat StopLoss as your best friend to get you out of troubles.
For educational purposes only. Not a recommendation.
Treat StopLoss as your best friend to get you out of troubles.
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Disclaimer
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