After a gap up NEW HIGH market is taking a breather. So is a lift off in the cards?
McClellan Summation Index is showing signs of strength as more stocks are advancing than declining, also Nifty is well above MA(100) suggesting bullish bias.
Daily Nifty chart below remains bullish.
Weekly chart provides better clues. Market is consolidating right above the resistance level which has become the new support now. RSI is near overbought territory but as long as it remains above 50 mark nothing to worry about.
Overall market is simply taking some rest before starting its next leg up, this would be the best time to find stocks which can be good candidate to get in once the market continues its rally.
Market remains bullish, be patient for next breakout...
Market remains bullish, be patient for next breakout...