
When the 10-day SMA of TRIN is close to 1, it’s prudent to hold off on short positions until the Nifty falls below the 4509 mark. Should it dip below this level, expect the trend to oscillate within the 4509-4253 range. Additionally, keep a vigilant watch on the TRIN; a drop below 1 now signals a favorable buying opportunity in the market.
Negative Indicators to Consider:
- A Put Call Ratio (PCR) of 0.82 points to an overconfident market, which doesn’t necessarily indicate bullish sentiment.
- The Weekly RSI-2 of the USD Index is trading at extremely oversold levels, which could lead to Foreign Institutional Investors (FII) selling in the short term.
- TRIN remains above 1.
- There’s a negative divergence observed in the hourly charts.
- Weekly support levels are positioned around 4250, significantly below the current spot price.
Despite these factors, the overall outlook appears bullish!
dear raj,ur ratnamani doing pretty good.thnx a lot. rashmi
raj,is satyam an exit nowrashmi