These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
The Nifty is indeed showing signs of being tired. But so far it has not displayed any exhaustion. As mentioned yesterday, the Nifty is still struggling with the roadblock of apprehensive bulls, who had bought at higher levels, and are desperate to exit at breakeven. As a picture is better for explanations, I have marked it clearly out on the chart. The gap (rising window) on the daily chart is still open. Which reinforces the (still) bullish mood. It still seems that the market does not want the bulls who have been left out, to enter at lower levels.
I still maintain my long outlook, though I have tightened my stops for my long positions, I still am in no mood to short, until I get a confirmation.
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