Finally nifty corrected today even though it opened on slightly positive as the day progressed the nifty has become weak and finally closed a nearly days low. One of the noticing features of todays moves is that nifty has moved below the 5 day EMA which is the first sign of weakness. Todays move has taken nifty below 3,5,and 8 day moving average indicating that anticipated weakness has set into the nifty and also todays moved have taken nifty to three days low signifying that bears have taken upper hand on nifty and further upsides are not ruled out. It may also be noted that the fall of nifty from 5182 to 4539 has been in ten days and now today we have compleated 12 days and till not the top has not bee taken over indicating the up move lacs strength. So its better to trade on shorter side but if nifty scales past 5125 then we have all chances of nifty moving very swiftly so till that time its better to be on short side. first chart is 1o min chart and second chart is daily chart.
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