NSE:NIFTY   Nifty 50 Index

Daily charts show a clear uptrend. I would like to think that the correction is over now, or is it? RSI supports me here. If you look at the RSI, you'll see that the downtrend seems to have stopped here, just above the 50 levels and a slight, very slight up-move has been made as well.

Hourly charts look messy. The trendline has been respected but there is a pattern which can be seen which is called the Descending Triangle. This is considered to be a bearish pattern but if the prices break the upper trendline, the pattern can be broken as well. A bullish pattern called the Symmetrical Triangle can be seen here as well.
What worries me more is the RSI. If you see, RSI is struggling at the 50 levels and I really hope one big green candle comes our way and helps the RSI to enter the bull trend with strength. This factor is completely depended on the world market tomorrow.
We always use the hourly charts to understand the resistance and support. I've found a good support at 14865 levels and the resistance is seen at 15120 levels. I personally feel that Nifty 50 should break 15200 in this expiry itself but then as I've mentioned earlier, world markets have a big role to play.

Intraday charts or 15m charts show a Descending Triangle as well. Now that is something to worry about if the market don't open in green tomorrow. I am trying really hard to find a strong bullish pattern in the intraday charts but I am unable to do so. The only way we can expect a bull rally tomorrow if the markets open strong and stay strong unlike today where the markets opened strong but couldn't maintain the strength.

Strategy is No Trade but you can also follow the buy on dip strategy as discussed before.


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