"Nifty Spot Bounce Back soon..... Careful " by trader vijay73 — published 2016-11-18

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Nifty 50 Index (NSE:NIFTY)

NSE:NIFTY Nifty 50 Index

Nifty Spot Maximum Down side 7962 Levels Bounce back from there.... RSI now at over sold position...may be some upside movement will coming soon...my view Nifty bounce back till 8500 - 8550 should be possible. Buy Nifty safe trading above 8268... Target @ 8500

Trade active: As i was told before Nifty Spot bounce back on 24th Nov 2016...Now today 28th High @ 8146.50 Low @ 8066.50...So Nifty Spot 200 MA value on daily chart was 8147 Nifty today Hit same level and come back..Nifty Spot coming days Cross 8148 next crucial level of 8180 if cross that level Next nifty resistance 8260 and then 8340 ....let see what will happen coming days

RSI- pretty rock bottom Sir.

Thanks Vijay, That will help. Hourly chart of Nifty and Banknifty suggesting divergence in RSI.

Very good @vijay73 ...I have similar view expecting 361 Extension for the first leg of down .

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