A close above 5000, just above a strong 6 month old trendline, Nifty trading very close to its 20 EMA on weekly basis, very heavy volumes, momentum indicators exhausted, are we gonna witness a pull back from here ?
It wouldnt be surprising to see a pull back. All individual derivative stocks have shown a volume surge at trenlines, suggesting a recovery.
Above 5020, we may test 5070-5084. However, below 5010, it may test its prev low at 4946 again.
Trading with a positive bias will be more comfortable considering the above-said facts.
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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