“Overall picture is bullish, only exception is my indicator (BX Trender) is showing bearish divergence.” published on May 14th. The BXTrender was giving a warning for this impending correction.
Nifty is still in uptrend, the index retraced exactly form 78.60 Fibonacci resistance. 10530 may act as a strong support level, closing below which Nifty may flutter badly. Though it will be too early to call it a trend reversal, yet corrections can be deep.
From a trading point of view, better to stay neutral in the index. With all the ongoing political fiasco, Nifty can behave in an erratic way.
Bharat Jhunjhunwala CMT, CFTe, MSTA, MFTA