Good morning friends,
It was a remarkable expiry yesterday. Post 2:00 pm trades were too much. Nifty slipped from days high then fall to make days low at 2:30 pm and then rebounded to close at days high. This will definitely be expiry effect.
If you see Nifty, it was in the range of 100 points only and that's makes me to think that Shorts are still in the system.
I have just two concerning points at the moment
1. Rising wedge (Which is again confirmed with narrow range in expiry day)
2. RSI divergence on hourly chart (Which are running too long)
Here is the hourly chart with RSI plotted.
Conclusion - I am clearly having cautiously bullish view and I have a hope for new all time high for Nifty. Still, get the above set up and any trade which sustain below the above plotted support trend line (which drawn lower) will able to change my views and I may add shorts.
As I am not giving much value to technical indicators near all time high so I will look for better conviction from momentum indicators.
Take yesterday low 15270, and hope for rise. Let us see. Improvise levels and views presented here or follow me on twitter for more updates. Join on twitter (Link - https://twitter.com/viecapital)
Be confident and have self-belief
Happy Trading 😀
Regards, Praveen Kumar
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