View: The combination of the rising wedge
and price-momentum divergence led to the sharp
sell-off that we noticed in today’s trading session. Benchmark index Nifty
gave away almost 100 points to slip below the rising wedge
, which is evident on the intraday charts. Moving ahead there are two short term levels to keep in mind - 15,500 and 15,400. These short term levels should hold the index if the underlying UP trend has to sustain. As suggested for the past few write-ups, maintain a bullish
bias but rather than chasing breakouts look to buy at lower prices. All eyes on Banks, as they can bounce first and fast.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Trade Well. Trade Wise.