Nifty seems to be not giving up and showing extreme strength. It seems to be waiting for something. With now strongly defended zone of 16800-17100 it might so be that the fall in nifty might be delayed till major gann date / equinox dates in June. With heightened volatility, seems to continue in smaller time frames. So nifty might show the same in weekly time frame by first taking out the previous highs of 18100 upstairs and trapping all the bulls and the final shot to come later? A possibility in nifty. Possibly most of this uprun would be difficult to catch with very high volatility. Let us catch only what we can and mot be greedy. This is a second possibility that is coming up umless the first comes right away.
Why am I bearish?- well obviously it might so happen that downward move may never come. But chances i feel are low. Mainly cos RSI drooping, almost all indicators in a sell. Moving avg 50 has come below 200.nifty becoming comfortable below 200 ma. History suggests that a downward run may not be over and such a long long grind should come to a halt with a bad fall. But then it is not important to catch the top or the bottom ever. One should stay away from both those areas and focus should be on the easier points in between. Frankly this year has been terrible. At the end a minimum of 4000 points due up or down.