On EOD charts, stock derivatives price candles have drifted away from their 5 EMA. MacdH looks tired. Rsi in the OS zone in most cases.
Nifty looking weak further on EOD as well as weekly charts. The short term tgt for Nifty can be further trailed down from 4550-4600 to 4200 levels. And 7200 levels for Bank Nifty.
However, taking into account the exhaustion of momentum indicators, a breather cannot be ruled out here. Though stocks looking attractive here, bottom fishing may lead to bottle necks.
Intraday, below 4713, it may test 4611. On the upside, it may test 4805, above 4757. Coming session could be choppy, cautious trading in case of pull backs... Happy Trading !!
The 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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