Good morning Friends,
Above is hourly chart on Nifty. First of all, it may show you the development of H&S pattern on hourly chart. Well, being bullish one can ignore this as it is above support of 16400-16370 levels.
One thing that you cannot ignore is the under performance of mid cap and small cap indices. Even yesterday mid cap 50 index took fresh dip of more than 2%.
That's alarming.
I am not claiming fall today or tomorrow but fall may be unavoidable in near future.
Maintain distance from market, it can burn money. This under performance is running from past one months.
It is the time to pull money from market. Take a note, most fall used to come from extreme of optimism, just like now.
As per technical is concern, I am not favour to short but maintaining holiday from market.
Sit with cash and wait for opportunity.
Happy Trading,
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