Nifty at a critical juncture

Nifty has had a stellar run. The index is up about 2000 points in the last 7 weeks. That is a huge move for an index!!!

Nifty is at an all time high which is bullish. The last run up has been supported by Bank Nifty which has had a huge move and is up almost 6000 points.

It is at an important juncture. It is around the upward sloping trendline which has provided resistance 3 times in the past in 2018, 2019 and 2020. It is possible this line provides resistance again. It is also possible we pause here for a while and then break it and move up. Either way, whatever we do here we will learn something from it. The best way is to let the index decide what it wants to do here and then hop on in that direction.

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