Nifty in daily TF was in overbought condition and this condition now is being corrected. Doji formed on friday has not led to reversal or sideways movement of the index hence further downside may be left. How much I dont know but in short term the bias is down.
So those wanting to initiate longs may wait for a day or so to be able to judge if its prudent to take long positions right now. Otherwise stay on sidelines.
No comments:
Post a Comment