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
Comment:
view negated above 15300
Comment:
go long above 15300