With over a month gone by in 2019, we look in to the performance of Nifty and Bank Nifty against some of the World's major indices namely
- Dow Jones
- Germany Dax
- China &
...over different time horizons
In the above chart we see Year to date performance of our market which is in the negative (NiftY -0.15% & Bank Nifty -1.12%)
If closes below 23527 (i.e breaking the neckline), then sell, with SL: 26769, Target: 20285
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
This is a monthly candle chart. Applied Fibonacci levels to 2008 highs and 2009 lows.
Dow Jones index tested a crucial Fibonacci level of 2.618 at 26500 in January and failed, looks like its going for a retest now. Observe the RSI divergence below
Will it succeed? Depends on lot of Global factors and US elections...