Nifty 50
Daily Charts (Long to Medium Term)
RSI is below 50 levels and it clearly gives us a bearish signal.
Nifty is taking a turn after breaking 2 trendlines which means that the markets may go either way.
I couldn't get proper reading using candlesticks so I shifted to Heikin Ashi. The green candle which means that we may see a bull rally soon has been formed. The candle which will be made today will be considered as a confirmation candle so we can take a final call for BTST by 3pm today.
Hourly Charts (Medium to Short Term)
This gives us a little confidence as we can see RSI pushing its way above the 50 levels.
The last candle closed above the 20 day Moving Average which again is a strong sign.
MACD has green bars and the lines are moving upwards so again a good sign.
I didn't miss Heikin Ashi which has a confirmation candle to indicate an uptrend.
15m Charts (Short Term and Intraday)
Candles are comfortable above the 20 day moving average which is a good sign.
MACD has the lines arranged properly and green bars (buying) is prominent as well so again a good sign.
Downtrend line was broken and the levels are sustained which shows the strength.
RSI too has sustained above the 50 levels.
Making Heikin Ashi a habit, clear upmove is being displayed.
*Everything looks good as of now.
Supports at 14472 levels
Resistance at 14830 levels
Daily Charts (Long to Medium Term)
RSI is below 50 levels and it clearly gives us a bearish signal.
Nifty is taking a turn after breaking 2 trendlines which means that the markets may go either way.
I couldn't get proper reading using candlesticks so I shifted to Heikin Ashi. The green candle which means that we may see a bull rally soon has been formed. The candle which will be made today will be considered as a confirmation candle so we can take a final call for BTST by 3pm today.
Hourly Charts (Medium to Short Term)
This gives us a little confidence as we can see RSI pushing its way above the 50 levels.
The last candle closed above the 20 day Moving Average which again is a strong sign.
MACD has green bars and the lines are moving upwards so again a good sign.
I didn't miss Heikin Ashi which has a confirmation candle to indicate an uptrend.
15m Charts (Short Term and Intraday)
Candles are comfortable above the 20 day moving average which is a good sign.
MACD has the lines arranged properly and green bars (buying) is prominent as well so again a good sign.
Downtrend line was broken and the levels are sustained which shows the strength.
RSI too has sustained above the 50 levels.
Making Heikin Ashi a habit, clear upmove is being displayed.
*Everything looks good as of now.
Supports at 14472 levels
Resistance at 14830 levels