The index selloff for the first half did not generated the sell signal as the Hourly MA did not turned red. That was a good signal to not leverage short.
Nifty then moved above the Larger MA and ultimately above the 34 hour MA. This gave a buy signal and then the both the MA turned into buy mode.
Since the index is still in short mode in higher time frames it was best to close above the 5900 mark and then wait for tomorrow's action.
If the index stays above the 5880 levels then this shows that there can be upside to 5950 (38% retracement level) or 6010 (50% retracement level.)
Nifty then moved above the Larger MA and ultimately above the 34 hour MA. This gave a buy signal and then the both the MA turned into buy mode.
Since the index is still in short mode in higher time frames it was best to close above the 5900 mark and then wait for tomorrow's action.
If the index stays above the 5880 levels then this shows that there can be upside to 5950 (38% retracement level) or 6010 (50% retracement level.)
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