UNCERTAIN TREND IN INTRADAY EVEN AFTER BULLISH PATTERN IN DAILY
The NSE Nifty spot closed at 5259 down by more than 1% in the weekend with the higher selling pressure. On this selling pressure, we can assume the probability of uncertain trend even after bullish patterns in the nifty spot candle stick price pattern chart. This selling was seen after bullish piercing pattern which was indicates about more selling in certain stocks. Short term traders are advised to be very cautious about making positions for short period of time. Nifty spot is now below daily EMA (34) which is bearish. On the other hand, MACD (12.26.9) is signaling bearish trend, whereas Stochastic (5.3.3) is showing zig-zag pattern in the over sold zone which is negative parameter for the nifty spot. For today, major hurdle for nifty spot will be 5311 and support will be 5209.
Happy Trading !!
Megha Investments & Research Team
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