Nifty PE ratio hovering above 26 levels for the the past 1-month. Monthly trading sentiment is continuing positive and at the extreme. Yearly profile shows a trending market with poor structure, which indicates short term is still bullish however the participation is getting more and more emotional in buying. Lack of symmetrical structure often suggests how emotional/patriotic long term players are!
Nifty is wiggling between the 5 Week EMA High and 5 Week EMA Low Channel for the past five weeks. Mostly hurting the trend followers as the market moves in a compressed band. Whenever the nifty spot reaches the upper band or the lower band it reverses it position. And yet the 5EMA (High-Low) channel breakout is not yet in place.