NIFTY trend using 50, 100 & 200 Days' EMAs and other indicators
1. 11214, 11267 and 11219 are the 50,100 and 200 DMA values.
2. Nifty daily candles have been intersecting or closing below these values for past four sessions.
3. RSI is just a tad above 50, but well below its nine days EMA, which is indeed a powerful signal.
4. Most other indicators too are on the verge of giving buy or sell signals.
5. Bank Nifty is looking weaker i.e. clearer SELL on most indicators. Nifty may not be able to outperform Bank Nifty for long.
6. 11090 i.e. the low of Oct. 9, should be the ultimate stop loss of all long positions, similarly 11315, high of Oct. 9, can be the stoploss for all Short positions.
Consider long only if it trades above 11267 for 15-20 mins, keeping a stop loss at 11210.
Short if it trades below 11210 for some time, with a stop loss of 11267.
Consider covering all shorts around 11090-11100 levels. Beyond technicals, assumption is 11050-11100 is strong support area, it is wise to book profit on short trades around these levels and wait for clarity.
Repeating decisive breach of 11315 or 11090 will confirm further strength or weakness of the market.
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2. Nifty daily candles have been intersecting or closing below these values for past four sessions.
3. RSI is just a tad above 50, but well below its nine days EMA, which is indeed a powerful signal.
4. Most other indicators too are on the verge of giving buy or sell signals.
5. Bank Nifty is looking weaker i.e. clearer SELL on most indicators. Nifty may not be able to outperform Bank Nifty for long.
6. 11090 i.e. the low of Oct. 9, should be the ultimate stop loss of all long positions, similarly 11315, high of Oct. 9, can be the stoploss for all Short positions.
Consider long only if it trades above 11267 for 15-20 mins, keeping a stop loss at 11210.
Short if it trades below 11210 for some time, with a stop loss of 11267.
Consider covering all shorts around 11090-11100 levels. Beyond technicals, assumption is 11050-11100 is strong support area, it is wise to book profit on short trades around these levels and wait for clarity.
Repeating decisive breach of 11315 or 11090 will confirm further strength or weakness of the market.
Please hit agree or like for this post / idea, if you find it worthy. You may consider FOLLOWING me, for periodic updates on Nifty, Bank Nifty.