Nifty closed in the sell zone of 12021-12103 after a nice upward rally of about 1400 points in just over two months time. Currently it is at around 780 points away from the yearly trendline, that is the 240 day EMA. MACD also has a negative crossover in daily chart.
I am not too confident about a breakout from here, provided it has not taken sufficient time to consolidate as well as at a far distance from the moving averages. It is a good time to book profit in the long positions and look for short opportunity.
In case it is able to break this zone I'll be waiting for a correction before taking a fresh long position.
I am not too confident about a breakout from here, provided it has not taken sufficient time to consolidate as well as at a far distance from the moving averages. It is a good time to book profit in the long positions and look for short opportunity.
In case it is able to break this zone I'll be waiting for a correction before taking a fresh long position.