India’s Nifty 50 is trading in the red, but is defending the 50-hour EMA 10,445.

The bullish hammer reversal confirmed on Friday indicates scope for a corrective rally toward 10,700-10,800 in the next few days.

Therefore, I would be a buyer on the dips. The bullish outlook would be invalidated if the index closes today below the downward sloping  5-day EMA.

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