NIFTY bounceback could be temporary. Hidden divergence spotted.
Yesterday 23rd Jan NIFTY sharply recovered the loss experienced on the Friday of previous week and closed 42 points up at 8391. However it failed to completely recover the entire loss thereby reaching or closing above the immediate higher close at 8435 (19th Jan). This action has resulted into a hidden bearish divergence between NIFTY and our Smart Money Tracker (SMT) and warrants further weakness is a possibility.
