Hi all,
Nifty created an all time high and hence the inter market divergence is negated.
Also, it did not break the low of bearish Shooting Star pattern near 11640-30 so no shorts initiated.
The upside might be capped on account of important event of General elections 2019 to be held in this and next month. The results would be out on 23rd May 2019 and till then one can expect a great amount of volatility in the markets.
Also, more importantly, Nifty has surged by more than 15% in past 5 months, and hence I believe, that the risk reward for Bulls is not favourable at the moment.
So traders, it's better to wait and watch for entering in to a trade.
Remember, lesser profits / No trade is always better than a Loss
Cheers
Hrishi
Nifty created an all time high and hence the inter market divergence is negated.
Also, it did not break the low of bearish Shooting Star pattern near 11640-30 so no shorts initiated.
The upside might be capped on account of important event of General elections 2019 to be held in this and next month. The results would be out on 23rd May 2019 and till then one can expect a great amount of volatility in the markets.
Also, more importantly, Nifty has surged by more than 15% in past 5 months, and hence I believe, that the risk reward for Bulls is not favourable at the moment.
So traders, it's better to wait and watch for entering in to a trade.
Remember, lesser profits / No trade is always better than a Loss
Cheers
Hrishi
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