- Nifty is back above MA(100) and as long as it stay near it, the benefit of doubt remains with BULLs
- McClellan Index continues to remain below EMA(59) and MA(100), however it appears that the rate at which Index line was dropping has slowed down (this suggests that less stocks are declining as compared to earlier and more stocks are attempting to advance)
As mentioned earlier in our past weekly post, we might be witnessing a topping pattern, such pattern take 3-6 months time frame to evolve and are visible/confirmed ONLY after the facts. However this is just a probability and NOT a guarantee. As long as Nifty remains near MA(100) we will give benefit of doubt to trend continuation.
- Mutual Funds - Stay invested, it is wise to wait n watch.
- Stocks - Take partial gains on good positions while ensure STOP LIMIT on remaining.
Market appears to recover from correction but needs more stabilization...