With Nifty breaching its prev day high each day, it is indeed a continuous uptrend. 3,8 and 13 EMAs have given positive crossovers on EOD charts alongwith the confirmation of the trend.
Almost all indicators namely, MacdH, Rsi, stochastics are very much in the positive mode, suggesting that any reversal seems unlikely.
However, many of the individual constituents of Nifty Derivatives, look weak on EOD charts. Aban, Abb, Balrampur chini, Bharti Artl, BRFL, Educomp, HEro Honda, Maruti, IBrealty, Rcom, Sun Tv ... quite a few of them looking exhausted too.
On intraday, below 4850, my intraday tgt would be 4789.50 Upside, Nifty may face resistance at the 200 EMA on 30 mins, which is at 4896. Though, I would be far more comforatble trading on the short side for intraday tomorow.
I rest my views here ... Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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