aks85

NIFTY- Negative Reverse Divergence, Resistance at 50 sma- Sell

Short
NSE:NIFTY   Nifty 50 Index
3
As seen, Nifty has been consolidating in a rectangular channel facing resistance at at 50 SMA in the daily chart .
Also, there is negative reverse divergence. Negative Reverse Divergence is when price makes lower high and RSI makes higher high, which implies that even though RSI is strengthening and making a higher high , price fails to break its previous high and forms a lower high, making it bearish .
Expecting a move towards the lower band of the channel.

Expected Levels- 8140, 8100, 8060
Exit- above high of today's candle- 8220.

I would be bullish only on the break of the top of the channel on closing basis for near term target of 8500, which would be a double bottom pattern breakout.
Trade closed: stop reached: sl trigerred.