They say "Obvious in the market don't work". So what was obvious trade at ATH...Long, but market ha it's own way and always surprises.
Nifty bearish engulfing at the top is not good sign for bulls. Follow up (today and tomorrow) is important after that.
So will be looking at End of the Day (EOD) how it shapes up. Momentum is fading away in stocks so be cautious in your existing positions.
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No new positions are advisable at this stage. This view gets nullified if nifty closes above yesterday high.
Remember that the trend shifts gradually and not abruptly.
