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NIFTY Weekly price chart - RSI divergence Sharing idea after long time..... While going through charts observed this. Nifty weekly chart is having RSI divergence. RSI divergence is extremely reliable tool to predict price action in near future. Traders need to go back in history and analyze RSI divergence(Bullish or Bearish) with different price charts. Have marked Fibonacci levels for reference. In my opinion nifty will witness correction in near future. It is difficult to tell the level to which it will fall. Price is expected to fall take supports at Fibonacci levels and at up trend channel lines. This is not trading idea, this is for analysis and learning purpose. Wish all the traders good luck and lots of profits.... :-)
NSE:NIFTYShort
by dhananjay.d.joshi
In the long term Indian Market might touch around 12500Analysing the long term graph with a daily candle we can see that in the Fibonacci retracement the market can show a year low even at 12500 and as the coronavirus cases in India showing a reverse pattern to NIFTY so we can definitely expect some bearishness in the short term in the market but the virus might touch its peak sooner or later but the direction of the market might also be affected by the effect on Indian Economy which is going to be bad for 2 consecutive years. Also, the markets at the 15000 level are overpriced due to the entry of a lot of retail investors into the market this year. But the market is surely overpriced and can correct even till 12500 levels.
NSE:NIFTYShort
by guptaharsh940