Nifty -Level of 14653 is an intermediate top
Comparison Nifty closing between 1-minute chart and Daily chart, gives us a mixed feeling
The big red candle is indicating that Nifty is still overstretched and already moved into broad consolidation where the level of 14653 is now confirmed as an intermediate top.
Interestingly, the last-minute Nifty chart is showing a big green candle, which confirms that undercurrent is still bullish and if all technical indicators start favouring again, Nifty is in the mood to march towards 14700 again.
Even if the markets show some technical pullback, we recommend not letting the guards down and continue approaching the markets in a stock-specific way. The MidCaps are correcting more as they had run up too hard.
While keeping exposures modest, a cautious approach is advised for the day.