Nifty is getting mixed views

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.

Divergence Always before a breakout Nifty Future 5 min charts for the past 5 days shows a huge positive divergence Before a breakoutabove 200min MA(3360) in 5 min charts. Source: www.marketcalls.in
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