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Nifty

The expected move towards 17780 has unfolded well with its trend strengthindicatorsnowmoved into their extreme overbought zones. Daily RSI at 80 with ADX above 51isasignofextreme optimism. O the price scale the occurrence of a reversal is awaitedbut therecurringnarrow ranged bodies warrant exhaustion. After the stunning 8 weeks rally its timetobookprofits & avoid aggressive fresh positions from here on until the index witnesses asizeableprice or time correction. Its early to decide on a probable top & hence a confirmationonthereversal side would be awaited for building any fresh shorts. Fromhereon it’s ideal toremaincautious & advisable to deploy a sizeable hedge against ones existing longs if any.

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