What came in as a pleasantly surprising news was the GDP data today. At 7.9%, it was way above street expectation of 6.1%, fuelling optimism.
Individually, all constituents of Nifty Derivatives is looking from neutral to bullish. On EOD charts, Nifty Dec is looking bullish, with daily momentum indicators looking like ready for a trend change.
However, yet to confirm an uptrend, Nifty has to trade above todays weighted avg of 5030 on a closing basis. Above 5030, the upside target would be 5072-5106. On the downside, below 5028, Nifty can test 4995-4965.
With the daily momentum indicators still in the negative zone, and the price action in the positive terrain, it is a little too early to predict the trend of the markets. So far, am biased to longs.
Trade well !!
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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