The Nifty closed in green for the sixth consecutive
trading session thus hitting a “sixer”.
On the hourly charts it has been moving up in an upward sloping
parallel channel which is quite a positive sign going forward.
On the lower side, 8689 is an immediate support and till this is
held the wave iii of wave V of 3 up will continue, however, on the
break of the same it will lead to a correction in wave iv of V of 3 up.
The Bank Nifty too continues to head higher after taking off its
crucial trendline resistance.
The hourly momentum has gone into a sell mode, which indicates
some consolidation; however, the same is not reflected in the price.
So, till the price doesn’t provide any reversal with a sell crossover
in its daily momentum indicator, we continue to maintain our
short-term bias up
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