ipuneet

Nifty - RSI at 13.05, ATR - 287 is historic.

NSE:NIFTY   Nifty 50 Index
As it can be seen in the charts, Nifty on daily charts at today's (12/03/20) closing is at 13.05. I have never seen this level in my life, I am sure most traders / investors alive might not have seen this.

At the same time, ATR is at 287, though I started tracking ATR a couple of years back only, don't remember seeing it nor could find this anytime in last few years on the charts.

Marked on the chart are five gapdowns, we saw during past 14 sessions. Again unprecedented, as far as my memory goes.

We can read it either way, like extreme panic situation or highly oversold markets.

Nifty and Bank Nifty future open interest is also at multi month high, trade with caution friends - low risk bear spreads have been working fine for me for some time.

Won't give any levels, as handly any level has worked lately. Some respite is expected and trigger can be govt . stimulus or some global development that markets will find worthy of a reaction.

As far as I am concerned, some relief across China is a big news in terms of Coronavirus as well as global economic stability.

Waiting for markets to have a similar viewpoint.

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