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.
As was suggested yesterday, the upward momentum has slowed down for the Index. The short term trend is still up. We did see a crack in the short term trend, but the Index was quick to recover.
The momentum having slowed, the possibility still remains that we could see a downward correction. The correction may not be too deep, as we see strong volumes coming into the Nifty Future, on every dip.
In terms of analysis, today was a “nothing” day, where the price has done nothing much. And it is “nothing” days like today, which place doubts in traders’ minds. In candlestick terms, it is like a spinning top on the end of day chart. This leads to corrections. In conclusion, wait for corrections, and take full advantage of dips.
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