A Bunch of Supports on Downside -- 5065 / 5025 / 5005 / 4965...
Since Budget Day, Nifty came up Roaring -- breaking all resistances, which are now Support Levels...
FIIs are in 'Buying' Mode -- Since Budget Day..
5000PE has been written very aggresively -- Since Budget Day...
If we consider only these factors -- Logic Says, why Nifty should come down now..
Accepted -- that on Daily charts Nifty is in 'Overbought' Zone..
However , Correction is NOT always Price wise -- There's also a 'Time Correction'... May be that's happening..
In my View, those who are Long in Nifty, should stay Long Keeping 4950 as SL..
And those who missed it, can start entering on every Intra Dip if gets near by 5050 or lower..
Cheers...!!!
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