Nifty- Consolidated above 17015 poised for takeoff?
Nifty has consolidated above 17015. Even though friday's was a bearish candle, it closed around same level as thursday close (even though thu was a green candle). Nifty net net has managed to consolidate around current levels and we need to spot a breakout. On weekly charts, it looks extremely bullish. A rebound from 50EMA is quite plausible (even from above 50EMA). In this daily chart attached here, a small blip could be followed by a breakout. Provided the budget doesnt hurt sentiments.
FIIs continue to sell(5045cr on friday, 37722cr in jan so far)--this is unprecedented except for the march selloff in 2020 for covid. DII did well to buy (3359cr on fri, 18280cr in jan so far).Around 19442cr net sell off in jan so far. This is making any upside bet contra intuitive and risky. PCR at 0.61 does indicate a reversal soon as well.
CPR is wide and we could see a rangebound market on monday followed by a breakaway on tuesday. What do you think?
FIIs continue to sell(5045cr on friday, 37722cr in jan so far)--this is unprecedented except for the march selloff in 2020 for covid. DII did well to buy (3359cr on fri, 18280cr in jan so far).Around 19442cr net sell off in jan so far. This is making any upside bet contra intuitive and risky. PCR at 0.61 does indicate a reversal soon as well.
CPR is wide and we could see a rangebound market on monday followed by a breakaway on tuesday. What do you think?
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