However, the primary trend remains positive as Nifty is trading above its 5, 20 and 50 day EMA .
During the recent correction, Nifty took support at 10-week EMA and bounced back.
While we remain open to further upsides, a short-term trend reversal would be confirmed only If the Nifty closes below the 17,780.
Declines outnumbered the advances on November 15 while the number of stocks making new 52-week highs are falling during the last few days, indicating only selective stocks are doing well from the Midcap/Small caps space.
Next upside target for the Nifty is seen around 18,350 levels, followed by 18,600.
After taking support at 20-day EMA, stock price reversed northwards to close above its 5 and 10 day EMA with higher volumes.
After running corrections for the last few days, stock price resumed its uptrend where it closed at 5-day high with a surge in volumes.
Stock price has broken out from the downward sloping trendline, adjoining the highs of September 7 and October 18, 2021.