Nifty posted a smart recovery, closed above the trend line.

NSE:NIFTY   Nifty 50 Index
After posting a smart recovery on settlement day, Nifty closed above an important trendline that has supported it several times in the past few months.

Gap between 9&34 EMAs has widened.

Gap between 9EMA and 21RSI too has reduced, but it is in SELL on Daily chary, though on two hour chart, RSI has crossed EMA on the upside, since value of RSI below 50, I would not call it a BUY signal yet. I normally interpret this as short covering signal and no trades on short side.

Besides other indicators, use the trendline as major guiding point for trades for next few days, i.e. till the time we find some other and trend line .


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