Though there is a final hour surge in nifty after expiry, ButStill the hourly strategy of both the NMA and Ichimoku remains with the sell signal with resistance coming near the 6030-6040(Approx) zone.
Its interesting to look into the breadth indicators as the market reached newer highs and even tested the 6000 mark breadth indicators are throwing contradictory signals against the trend.
Nifty hourly trading shows the continuation of the buy mode with hourly supports near 5456. Also the rising trin charts shows that recently there are more declining stocks than the advancing stocks in terms of volumes which indicates the possibilities of bearishness in shorter term. Any failure to hold 5456 could target nifty towards the next available gann support zones 5370 and 5180
Just have a look into the Advance-Decline ratio and Trin Charts. From the Ad line charts you could observe that as the market moves higher….ad line is in declining mode. This suggest that more number of stocks are declining and only few stocks are pumping this market higher.
For those who are new to the blog, here is the link to EMA(13,34,55), RSI(2), CCI(4) and more strategies that we speak and follow all over the blog here. EMA(13,34,55) Strategy Explained 5-10-20 Short only strategy RSI(2) Strategy for Nifty CCI-4 Strategy 5 EMA Trading System Nifty TRIN for Positional Longs and Shorts How to […]