Nifty Short to Medium term outlook
Nifty is moving swiftly near the channel top. In the short term hourly chart RSI is 58.8 indicating that there might be some strength left in the current rally. However it is delicately placed between strong resistance and weak supports which indicates correction also might be round the corner. Nifty supports are at 23976 and 23881 both are weak supports. 23777 is a moderate support of 50 hours EMA. (Mother line). Strong support for Nifty is seen around the region of 23238 which has a dual support of Mid channel and 200 hours EMA. Immediate Resistances for Nifty are at 24130 (Moderate resistance) and there will be a strong resistance near 24322 (Channel top and trend top resistance. It is an interesting scenario where shadow of the candle is absolutely neutral. The dice can turn in any direction keep your stop losses in place. Market mood index indicating is another parameter to judge index and it's direction. Extreme Fear (<30), Fear (30-50), Greed (50-70), and Extreme Greed (>70). Right now the MMI index is at 71.28 indicating we have entered Extreme greed zone. So it is advised to Keep your trailing stop losses also in place.
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