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Though Nifty has been showing -ve div in hourly charts, brief intra dips are followed by upmoves resuming due to firm daily, weekly strength. The same has been witnessed in the world mkts too.
As it is trending up within this channel, trade the channel bottoms & tops, if you can or hold till the channel is broken decisively.
Trade the major trend by buying into the dips and booking out partially on rallies.
"Shorts" are exiting on every dips closer to the settlement day keeping Nifty firm inspite of stretched technicals.
If 4600-4610 is breached, sharp upmoves may be in place.
2 comments:
HI,
Can you please elaborate on this OB reading.
Regards,
Bramesh
Hi..Bramesh,
"OB" readings...is Overbought nature of the index. It is also possible that it can just simply do a "time correction" without shedding much in prices.
Best regards.
ilango
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