Nifty is around the ATH and there is profit booking at the higher levels.
The market is spending time near the high and last week too it has test the ATH. Seller are there in the higher levels and closing of the weekly candel is dicey.
Higher time frame is showing some RSI bearish divergence and market is forming grave stone doji on the daily charts.
Monthly charts has not formed a red candle still and is forming doji after doji which still shows no clear bearish indication. But the price is trading on the higher levels of the bollinger band.
Market participants be cautious as there seems to be a bearish month ahead.
This being the election year may remain volatile till the election results. Spike may be seen in this month or the next one either side.
Trend is still bullish and doji on the higher levels may indicate a reversal after a price action formation.
This month was a volatile one and market didn't settle either side. There was days when market has moved more than 400 points.
Last day move, is the only trending move in last 2 weeks, closing 180 points lower from the day high.
Price action is needed to be formed around the higher levels on higher time frame to confirm the trend.
The market is spending time near the high and last week too it has test the ATH. Seller are there in the higher levels and closing of the weekly candel is dicey.
Higher time frame is showing some RSI bearish divergence and market is forming grave stone doji on the daily charts.
Monthly charts has not formed a red candle still and is forming doji after doji which still shows no clear bearish indication. But the price is trading on the higher levels of the bollinger band.
Market participants be cautious as there seems to be a bearish month ahead.
This being the election year may remain volatile till the election results. Spike may be seen in this month or the next one either side.
Trend is still bullish and doji on the higher levels may indicate a reversal after a price action formation.
This month was a volatile one and market didn't settle either side. There was days when market has moved more than 400 points.
Last day move, is the only trending move in last 2 weeks, closing 180 points lower from the day high.
Price action is needed to be formed around the higher levels on higher time frame to confirm the trend.
On weekly charts, the RSI is dropping and the price is moving upward in every swing. It shows a bearish divergence in the charts, giving a shorting opportunity in the index.
It has been holding on the higher levels but the negative candles are huge in size as compare to the green one.
A single week candle is taking a toll at 3 week work by the buyers and another 3 weeks are taken to get to the previous high.
Bearish move in a the market is expected and weekly close in required for carrying a position for a positional to swing trades.
There will be a double confirmation in the bearish trade as there will be a M pattern or a double top formation on the higher time frame and anything below 21800 can be seen on a negative side.
Wait for entering the trade at a good levels and carry in to capture the move.