According to market cycle NIFTY is on a consolidation phase on daily chart
Resistance Zone: 17850-17920
Upside Target: 18000 and 18092
Downside Target: 17800 and 17620
Positives: 1. Nifty is well placed above 20,50,200 EMA (Major trend is still uptrend)
2.Shorter term 5 and 20 DMA crossover
3.RSI,MACD,COC(20),ROC(20) all showing bullishness
Negatives: 1.There's Bearish RSI Divergence which may cause NIFTY to consolidate a little or the prices may correct
2.Stochastic showing overbought
NOTE: Keep a neutral stance
Resistance Zone: 17850-17920
Upside Target: 18000 and 18092
Downside Target: 17800 and 17620
Positives: 1. Nifty is well placed above 20,50,200 EMA (Major trend is still uptrend)
2.Shorter term 5 and 20 DMA crossover
3.RSI,MACD,COC(20),ROC(20) all showing bullishness
Negatives: 1.There's Bearish RSI Divergence which may cause NIFTY to consolidate a little or the prices may correct
2.Stochastic showing overbought
NOTE: Keep a neutral stance
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.