Nifty weekly TF - For the week, nifty is not out of the woods yet. One negative factor while closing on Nifty was - we could not close above the 200wema which stands at 4720. Weekly trend indicator and stoc are showing positive divergence but that is not enough. We need some positive closing and stocs need to turn positive. Hence - weekly bias remains negative to neutral. No fresh short positions to be taken in this area.
Nifty daily TF - On a daily TF, we have made a series of higher highs and higher lows. The positive for longs is that the stocs is in buy mode and trend indicator is nearing to give us buy signal. Additionally we have closed above 5dema. So on daily TF the bias remains positive for longs if they were taken around the levels of 4600. So lets see the action on Monday. The highs of the day have to be surpassed for positive action. Hence - longs would be fruitful.
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