Nifty - Two consecutive Dojis on weekly charts, upside capped ?
Technically Nifty formed a Doji candle with long upper shadow on daily scale which indicates absence of follow up buying interest at higher zones. It also formed the Doji candle for second consecutive week, indicating continuing indecisiveness among the market participants.
It has to sustain above 11850 to resume uptrend, incase 11800 is broken 11760 - 11700 are the levels to watch out for.
10950 -10980 range looks a difficult zone to negotiate. May be some positive news is required to take it higher.
Dow made a new high, may provide some support to our markets too.
The 21 RSI was slightly below 9 EMA, on daily as well as two hour charts, I respect this indicator and would recommend to wait for long positions untill it turns positive. Also no shorts till there are more confirmations of the downtrend.
Bank Nifty did manage to close in positive zone, it is also in BUY zone as per EMA on RSI indicator
*"Puneet_9EMA_21_RSI"* is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable "Enter" and "Exit" signals, all very close to the tops and bottom.
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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
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Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
It has to sustain above 11850 to resume uptrend, incase 11800 is broken 11760 - 11700 are the levels to watch out for.
10950 -10980 range looks a difficult zone to negotiate. May be some positive news is required to take it higher.
Dow made a new high, may provide some support to our markets too.
The 21 RSI was slightly below 9 EMA, on daily as well as two hour charts, I respect this indicator and would recommend to wait for long positions untill it turns positive. Also no shorts till there are more confirmations of the downtrend.
Bank Nifty did manage to close in positive zone, it is also in BUY zone as per EMA on RSI indicator
*"Puneet_9EMA_21_RSI"* is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable "Enter" and "Exit" signals, all very close to the tops and bottom.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.