The rise from 5171 has been one of gap up openings.This shows bullish sentiment.But the selling which takes place after the open dampens it. The breakout from the flag formation is bullish and the moving averages all show bullish crossovers.Oscillators continue to show strength.
We may thus conclude that the trend is surely up and one needs to be long. But with the breadth not being positive and the steady mild selling after opening up makes one a little nervous in going outright bullish.I would advise partial longs to be hedged with sold calls to make moderate profits with good risk management.
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