NIFTY: SEBI's Gramaphone!The entire price action looks within the expanding triangle or the inverted triangle or the Gramaphone.
While bulls rejoice, bear strike, sell higher is the new mantra than buy the dip.
Over bought conditions in weekly, oscillators struggle in the daily and shorter frames suggest the same. The only stumbling block for the bears or the hope that is holding is the large bull candle of the Friday.
It is not un-common to have such large bull candle at the market top or at the market bottom hence, that alone may not be sufficient to conclude where it is headed.
Concern on Israel, Politics in US, data from Europe continue to dictate, while Asia, actions of Central banks are dictating. Later after our market hours BOJ meeting, nothing much ado about or do they do something?
Ditto from China and from our regulator, the new measures to combat excessive speculation and the unintended consequences are to be seen and watched.
There is no devil on either side. 24750-24950 is the range either side opens up for more down or upside.
