nifty top made? trend reversal?
has the nifty topped out?
No one seems to worry about a crash nowadays?
Technicals: RSI divergence can be seen on the weekly chart. Also nifty facing channel resistance.
Psychology: At this moment no one is expecting a crash. Leave crash aside, no one is even expecting a correction. Consolidation in the 14950 - 15250 zone and a rally is what people are expecting.
Price action: Post the Dec 21 crash from around 13800 to 13100, we haven't gained much excluding the post-budget rally which seemed more like a short squeeze which later got extended due to positive retail sentiment.
There have been frequent corrections since Dec 21 and I think these are the signs that the market has been trying to convey to us about a trend reversal. we might touch the bottom end of the channel
nifty close on Dec 20 13760
nifty open on Feb 1st 13760
conclusion : we might touch the bottom end of the channel. Stay cautious
No one seems to worry about a crash nowadays?
Technicals: RSI divergence can be seen on the weekly chart. Also nifty facing channel resistance.
Psychology: At this moment no one is expecting a crash. Leave crash aside, no one is even expecting a correction. Consolidation in the 14950 - 15250 zone and a rally is what people are expecting.
Price action: Post the Dec 21 crash from around 13800 to 13100, we haven't gained much excluding the post-budget rally which seemed more like a short squeeze which later got extended due to positive retail sentiment.
There have been frequent corrections since Dec 21 and I think these are the signs that the market has been trying to convey to us about a trend reversal. we might touch the bottom end of the channel
nifty close on Dec 20 13760
nifty open on Feb 1st 13760
conclusion : we might touch the bottom end of the channel. Stay cautious
Nota
view negated above 15300Nota
go long above 15300
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.