NIFTY50 CMP - 22754
Although NIFTY50 is trading at its ATH & making new ATH everyday but NIFTY50 is looking lil tired.
Crude at $90, High bond yields, Bullion at ATH, Weak global sentiment & Weak US markets - nothing looks in favor of bulls.
It would be interesting to see if bulls keep on buying & take NIFTY50 to 23k or is it time to be cautious and book longs...
After a long Time Bulls are failing to Hold on. Let the Bears start smelling Blood.
The time cycle line has acted as a strong support for the Nth time.
The recent support comes near 21800 which seems to broken in coming days/weeks.
Condition: If 21800 gets broken decisively. Downside risk upto 21500/300 opens up.
Time and Price Forecasting
Nifty cmp 22378
This market is not to be greedy, its going to change its coat before you can even Drop your hat.
Caution Ahead.
Attached: Sensex Daily Chart as of 19th June 2023
The Ending Diagonal is more evident and clean in BSE Sensex rather than NSE Nifty 50 (although you can observe in Nifty as well), which is why I have chosen to share the Sensex Chart
Observe:
- A well defined trend line with multiple touch points
- Presence of a Bearish RSI Divergence
- Daily MACD already in Sell...
Nifty has shown a steep upmove in the last one month breaking all the strong resistance without any major retracement.
Today, nifty crossed 18000 with a strong volume candle and has closed near a strong supply zone of 18100-18120 levels. Even Bank nifty has given a strong closing above 43000.
This breakout can be a signal for strong bullish uptrend to a new high...
Nifty as described by us earlier has been range-bound. Stay cautious on the long moves for bulls . Soon there is going to be a big fall of around 900 points at least.
since feb, 2020 hightened volatility is restricting sound sizable positional trades. Before carrying any such positional bets please check your risk appetite and size of capital. In certain given situations not trading is best thing to do in the markets. CAPITAL PRESERVATION IS ALWAYS PARAMOUNT. SOME TIMES EVEN BEYOND TRADING.
Bajaj auto at near support 3062-64
can give upmove if reversal is seen.
Do not short from here.Until any othe breakout.
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In the hourly charts of Bharat Financial Inclusion a Negative RSI Divergance is forming which indicates stock price may fall...
Here, Price making higher high where as, RSI making Lower Low formation...
CMP 803.8
RSI 58
Be cautious.....
Note: Do Your own study before making any position...
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