Nifty Target Done What Next
As per previous analysis Nifty had retraced to 0.618 kevel placed at 18050. It was also placed at 20 DMA making that area a concrete support zone. Nifty had reverted 140 points from low 18056 CMP 18190. This type of reversal is well taken as end of correction. Technically nifty had made H & S pattern target of 18450 appx, them corrected to 18050 -400 points and then again bounced back 140 points. this 140 points bounce is 35 % of 400 points fall which cannot be taken gradually. The point here is to say that now Nifty direction can only be decided above 18500 on up side and 18000 on down side.
MACD is pointing sell signal. RSI is at 68 which is not in over sold zone and no divergence is noticeable.
Overall Nifty can trade in side ways
MACD is pointing sell signal. RSI is at 68 which is not in over sold zone and no divergence is noticeable.
Overall Nifty can trade in side ways
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