BharatJhunjhunwala

Nifty: Applying breaks to the rally?

NSE:NIFTY   Nifty 50 Index
In continuation of my previous post, there was a concern on the Nifty weekly chart, the RSI on the weekly charts was close to 60 levels. Now the candles on the daily charts in the last two sessions seems to pull breaks on the rally. Though the momentum hasn’t dried up on the daily, the price pattern is giving signs. 11785 is the gap area, a close below this may trigger corrections. Any aggressive longs should be held as of now. It’s not a outright bear call, but a conservative signal.

Bharat Jhunjhunwala
MFTA,CMT,CFTe,MSTA
http://www.prorsi.com
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