Tomorrow being RBI day its usual for Nifty to give only scalping trade chances. We slightly have a different view from yesterdays but still in-line with what we are expecting with Nifty.On lower timeframe's scalping chances will arise whether its move till 10110 or on bearish reversal with formation of double-top. Be conservative on the formation of double-top bcos it can either give a wick to upside hitting out stops or if there is formation of new high double top is failure.
So, thats why this particular Double-top should be traded with care & RSI showing bit of divergence too ( not formed yet ) , check after the completion of double top whether you still have that divergence. But anyway, for next 2 days Nifty will be range only ( just expecting ) bcos of RBI day & rate cut hopes. And if these rate cuts happen, it further fuels the bulls, New highs in Nifty in coming days.
Do remember these are not single day move, its overall Market Direction...
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Policy day, No trades. Will this Govt. force RBI Governor;s hands to cut rates ? Looks like that...
This govt is capable of doing anything... Its good to not to trade on event days.. but one can nibble at lower levels as some more steam left in this leg before which a small correction sets in...
InsiderB
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@Parasuram,Yes sir agree with you, but small correction can you be little approx how much you are expecting ?
Parasuram
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@InsiderB, I dont think Nifty will go down below 10000 on closing basis in the next 10 days... this leg can mature tomorrow and day after and after which a 150 point can come about from 10200 levels
HappyVijay
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Sir can we call this RSI Divergence on daily chart ?
InsiderB
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@HappyVijay, I don't consider that as valid one...