Still now both bulls and bears are defending and both are not ready to give up. I do have produced mixed view in my blog.
So Far
USD Index looks Bearish – FII's will possibly turn net buyers.
TRIN Oversold levels – Falling trin is considered as bullish
Nifty – Weekly charts looking bearish top formation. Bulls will return only above 4474 and 4600 on weekly closing basis
Reliance – Reliance closed below fresh 4 week low. Alarming sell signal as per Donian's 4 week rule and also lagging nifty
Overall Bulls are defending 4155 levels in nifty and bears are defending 4474 levels on weekly basis. Breakout and sustainability
on either side will confirm the trend direction.
Related Readings and Observations
Nifty and Bank Nifty 90 min charts – Positional Shorts
Nifty and Bank Nifty triggered postional charts on the 90 min timeframe with supports coming around 5447 and 10807.
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