Nifty continued with its wired trend of making Higher high and lower low for the second consecutive day but today its not the Doji but a strong positive candle. Technically, it may be called “Bullish Engulfing” but its not clearly near a new low so we can consider this just a continuation pattern that too a bit dicey one.  From the derivative markets, we have seen addition in Open interest both on 7600 CE and 7400 PE equally today making situation more confusing. On daily charts indicators are pretty- flat while of-course on weekly charts as i have suggested medium-term outlook is positive. But on minor wave correction is expected soon on the index. So i remain intact with my Sell on Rise strategy for short term traders as i suggested on Nifty to reverse!

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