Nifty 04 Jan'21: Bulls & Bears … Who Bears?

Nifty rallies for the ninth successive trading session with todays 111 point up move. There was a sharp intra-day sell-off today which was short-lived as the index smartly bounced back to a new life high. We now have a confirmed breakout above 14,000. On the 75min chart, clearly prices are trending up within a steep rising channel which has upside targets of close to 14,300. On the downside, we would like to see a close below this channel for any thought of bearishness. Till then, strategically being cautiously bullish is paying off.

Trade Well. Trade Wise.