The movement of Nifty
was directionless this week. From last three weeks Nifty
has kept traders on the edge and has been teasing both buyers and sellers. We can see a tri
formation on the weekly charts at resistance, tough doji
does not mean outright sell, it depicts chaos and confusion. We should not discount the fact that the trend is up and yet no confirmation of any selling pressure is seen on the charts. 11800 will be acting as a strong support breaking it may lead to correction to 11570 – 11370 levels. The RSI
is flat on the weekly charts, though on the daily charts
we notice RSI
taking a hit at the 60 levels.