Nifty 50 IndexLong
NIFTY - buy on dips
RSI on the weekly chart is above 70 which is an overbought range. As seen in the past, Nifty has to correct itself to get RSI back in the trading range.
Trend is bullish so I don't recommend any short positions but the strategy should be to buy on dips.
First support is at 14900 levels so one can buy at 14950 levels with strict stop loss.
Another very strong support is at 14800 levels.
As I have mentioned above, the trend is bullish so I wouldn't expect a drastic correction anytime soon.
Weekly charts have made a very strong bullish engulfing candle which indicates that there is a lot of underlying strength unless something goes drastically wrong.
Trend is bullish so I don't recommend any short positions but the strategy should be to buy on dips.
First support is at 14900 levels so one can buy at 14950 levels with strict stop loss.
Another very strong support is at 14800 levels.
As I have mentioned above, the trend is bullish so I wouldn't expect a drastic correction anytime soon.
Weekly charts have made a very strong bullish engulfing candle which indicates that there is a lot of underlying strength unless something goes drastically wrong.
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