Nifty - No signs of strength anywhere, but . . . . .

Nifty has been trading weak for a few days, a fall below 11160 will open doors for further downside.

But since the market has fallen so much, global markets have been showing strength after a fall - a recovery can be expected too.

RSI 2 hours chart has been following a trendline, as long as it remains below this line, trades on short sice can be taken. For the ones who don't want to track RSI, 11246 can be treated as a stop.

Targets on the down side are 11020, 10980, and 10920, and if it move above 110246, 11280, 11356, 11418 and 11498 can be expected.

RSI and a few other indicators have turned negative even on daily charts, please avoid trade on long side before confirmations.

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Trade closed: target reached:

Nifty did obliged today, moved on the anticipated side.
The fall was not as big as we have been used to see, but it was possible to close the day in profit and avoid carrying positions for the next day.