Today was a low volume ,rangebound ,Sideways Trading Market .
1. There is a negative diversion in Hourly and 5-day Charts.
2. Markets were unable to scale the 2day high and 20 dema at apprx. 5505 levels.
3. As seen in Hrly charts ,Indicators are oversold ,So are they now in Daily charts .
4. Remember 5560 levels is an imp. fibo level to come above the 2day high .It also is the Feb. Month's High level. So the significance increases.
5. In this narrow range Market ,FII's sold again , 230 cr.
6. Divergence trade should be done with strict s/l. ,as there are chances of range expansion near by ,so don't be caught on the wrong foot. Below today's low , can test the 5420 levels again. Above 5520 we may get 5560 level.
Broad observations remain the same as yesterday, though specifics change.
Read yesterday's Post carefully again - Next Is What