NIFTY broke out of congenstion. More upside ahead.

Yesterday 5th Jan NIFTY broke out upside from the range it created between 8220 and 8180. The move was supported by higher volume and on the SMT chart below we could spot a Bulissh Hidden Divergence, indicating further upside momentum ahead. However, a correction is not ruled out because the recent rally has been unintterupted so far and along with the bullish divergence we also noticed an anomaly in the SMT chart (NIFTY moved up but SMT moved down yesterday).

Our bearish hedge was closed with a loss and now because of the contradictory signals received we are neutral and waiting for a clearer signal by the end of today's trading.

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