Good morning friends,
It doesn't make sense to present any analysis as SGX Nifty is showing opening around 18000 levels which is nearly 150 points up.
It is too much levels to say to stay long. Even if I try I may be scared to be on long side. Normally, Nifty used to experience correction around phycological figures.
I plotted 17 DMA on above chart. Normally, market used to take support at these levels and used to correct whenever it goes too far from 17 DMA.
With a gap up we will be at 550 points away from 17 DMA which should normally invite correction.
Hence, I will not prefer to trade long today.
This rally may soon come under gravity.
Happy Trading.
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