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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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.