Hardik2608

Slight Correction on the cards

Short
NSE:NIFTY   Nifty 50 Index
Nifty might see a mild correction of up to 10450 from current levels because-
1) There are multiple gaps between 10677-10630 and 10450-10490
2) Nifty crossed it 200 EMA @10525 levels in its second attempt 7 sessions ago. It has to come to at least 10500 to retest its 200 EMA

Signs of weakness-
1) Nifty might be going through a distribution phase rather than an accumulation phase. A Head and Shoulder pattern in the making is a clear sign of it.
2)Weakening RSI both on hourly and Daily time frame

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