vanathi

Mighty Nifty - What Next?

NSE:NIFTY   Nifty 50 Index
8
Nifty is moving sideways without giving us a clue about how it will move further. As per Dow's theory any major reversals will be confirmed if both indexes are in agreement. For any strong trend Nifty and Bank Nifty should be in agreement. If Nifty and Bank Nifty travels in opposite direction, then primary trend wont develop. There is no trend when they conflict each other. We are traders and we need clear trend. RSI shows the momentum is getting weak, but the price action is sideways. Now we have to wait and watch the market until it gives us a clear direction.
As per Dow's theory "line indicates movement". Nifty is travelling in line, we will get good movement soon. https://in.tradingview.com/chart/QtD56IkU/

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Detailed daily index analysis in https://in.tradingview.com/u/vanathi/

Script analysis from Jan 1, 2023 in https://in.tradingview.com/u/vanathi/
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