Nifty is in short term downtrend...in intermediate and long term its still up...
MACD on daily is looking down with -ve divergence and weekly too turned down but still above that 9ema crossover...
9603-9625 will act as resistance zone...sustaining above this positive for bulls...
We identified the exhaustion by midcaps & smallcaps and since then nifty is showing fatigue to carry on higher...
With launch of GST from july 1st, lets see whether LIC got mandate to hold market higher till then...
50 SMA in first sight for institutions to add on existing positions..so ideally that a good point to enter stocks again for further rise...Breaking below 50 sma with volumes will put whole intermediate trend under risk...