Nifty 50Nifty 50 is showing 5 wave structure completed on down side in hourly time frame. 5th of 5th could be truncated. Price may retrace upto 38% to 62%. Price may take resistance of 50 ema in daily time frame as well as daily.
hourly macd positive cross over after 13 january
hourly RSI is gaining strength
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NIFTY 50 NIFTY 50 has closed above the convergence of support zone and Kijun Sen line of Ichimoku.
RSI too took support from mid 50 line which suggest positive as of now.
We may most likely see the uptrend to continue until the index stays above 11300 level on a daily closing basis.
Overall the setup is still bullish as of now.