Good Morning Friends,
Nifty formed a new all time high and this came with a firm rise in heavy weight Reliance. There are times in history when market topped out with rise in reliance.
Well, important technical point, which is concerning for bulls is RISING WEDGE formation. Band is turning narrow and it can break anytime. Some important point to note is
Why I am not using daily chart? - That's on resistance free zone and all indications are saying to buy and buy but conviction is less. So I focus hourly chart. I am not saying that just go very bearish at this momentum, Just be cautious. I would be happy to see market rising but as of now technical indicators are not as supportive as past.
1. Option data suggest resistance @ 15500 Nifty levels.
2. Nifty support - 15380 for trading
Trade with low volume on buy side.
I have not formed any of my long position. Equally, I booked my long on M&M too.
Happy Trading
Praveen Kumar
