Nifty Spot today made a green morubozu candle, wherein open=low and close=high, suggesting a bullish trend.
The daily momentum indicators, Rsi, Stochastics, MacdH, all given a positive divergence. Individual derivative stocks looking extremely bullish on EOD charts.
All signals are extremely positive, and although Nifty is trading in the high resistance zone, it seems like Nifty will manage to breakout into a bull rally.
However, on intraday charts, Nifty seems to be trading in the highly oversold zone, which suggests that we may witness some correction on intraday levels. Below 5122, on intraday basis, Nifty Dec may correct to 5100.
Above 5134, Nifty may witness 5163-5194 on intraday.
I rest my views here... 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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