Nifty 14Jan'21: Lower High after 15 sessions

Since 23rd Dec’20 for every single trading session the benchmark Nifty index had posted a higher high on a day to day basis. Except yesterday. On yesterday’s session, the index yet again managed to bounce back from its intra-day lows to post marginal positive gains and an Inside Bar, but a lower high. Not much clue can be derived from momentum indicators apart from the fact that they are all over bought. But its the price which I feel will give better clue related to the immediate directional movement. A break below 14,500 will infuse some selling pressure for sure, so strategically I’d suggest not to go overboard with positional long trades.

Trade Well. Trade Wise.