NIFTY Analysis
On daily time frame 5 candles continuous bearish with Volumes>Volume50 MA after a very long time which shows strong chances of trend reversal
But NIFTY still above 20ema support of 17968 till then we will consider major trend is uptrend
Resistance: 18151
Upside Targets: 18230,18360,18607
Support Zone:18090-17990
Downside Targets:17852,17615
Positives: 1. DII's maintaining good long position on Index future option
2. Banking stocks performing very well
3. NIFTY still above 20,50,200EMA
Negatives: 1. Continuous FII selling
2. Weekly RSI oversold for a long time time now
3. IT stocks falling continuously
My opinion: Markets getting very volatile now and INDIAVIX constantly increasing, just maintain a neutral stance and work according
to levels
But NIFTY still above 20ema support of 17968 till then we will consider major trend is uptrend
Resistance: 18151
Upside Targets: 18230,18360,18607
Support Zone:18090-17990
Downside Targets:17852,17615
Positives: 1. DII's maintaining good long position on Index future option
2. Banking stocks performing very well
3. NIFTY still above 20,50,200EMA
Negatives: 1. Continuous FII selling
2. Weekly RSI oversold for a long time time now
3. IT stocks falling continuously
My opinion: Markets getting very volatile now and INDIAVIX constantly increasing, just maintain a neutral stance and work according
to levels
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