Bullish sentiment continues as expected
- Arup Nag
- Nov 10, 2016
- 1 min read
11th November 2016
As I mentioned in yesterday's blog the expectation for the day was an upmove and without much surprice the NIFTY jumped up in the opening itself to around 8555 level. During the day it reached almost 8600 but experienced stiff resistance there and came black much lower before closing at 8525.
I mentioned about a 'regular divergence' yesterday and today in the updated chart I can see a new 'hidden bullish divergence' has been formed.
This type of hidden divergence are sometimes very powerful so I am expecting the bullish upmove to continue today as well. However, a very interesting observation from yesterday's activities is opposite directional move of the SMT (negative correlation) with the NIFTY. NIFTY closed up but the SMT moved way negative, which could be a matter of great caution because it indicates the big players are nervous too at the moment. There are too much uncertainty in the global front after the US election. Today any thing can happen with increasing volatility. We will see if any bearish sentiment can be spotted in advance at the end of today. Till then good luck.
Tags: hidden divergence, custom indicator, divergence, proprietary trading, futures, trading, smart money tracker, smart money, nifty, indian stock market, forecasting, regular divergence, derivatives, finance, prediction, options, market analysis