Nifty(5077): Nifty opened near the high of the day but ended right near lows of the day. Was that the end of the corrective rise? Possibly. The next couple of sessions are going throw some vital clues. The intraday chart for Nifty is shown below:
Nifty - intraday chart
We can see very clear divergence between the price at the top and momentum shown at the bottom pane. Normally, these are precursor to a change in trend. In opening trades, if we see Nifty rise but struggle under 5127 (spot) or even 5105, this might be another sign that the corrective rise from 4728 to 5136 may have run its course. We will see if we can pull a short-term trade in that case.
Volume footprint : 5040-5010 zone needs to be taken out for bearish play.