Almost across the board we witnessed a short covering on improved forecasts of GDP nos. But, alongwith comes fears that it may lead to unwinding of the fiscal stimuli. Net effect is undecisiveness over further trends, which is precisely what Nifty EOD charts exemplify today.
Nifty on its daily charts has made a long legged doji, suggesting this undecisiveness. Momentum indicators exhibiting an exhaustion, but exhaustion of trend or an exhaustion to prepare itself for a further fall, remains an unanswered question to me.
However, the volumes are not promising so far... Thus making me doubtful about the potency of the short-coverings we witnessed today on intra levels.
To conclude, the short term tgt of Nifty remains at 4200, whereas for intraday the levels to watch out for would be, below 4755, we may witness 4675-4635. On the upside, above 4774, nifty may test 4791-4828.
The boat sails best in the direction of the wind... 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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