NIFTY50 recently retreated from its record peak of 20,300 , experiencing a 700 point drop over the past few days. Currently, it hovers around 19,650, which marks the 50% Fibonacci level.
Signs of a potential pause in the selling pressure are emerging. Traders with a higher risk tolerance might consider re-entering long positions at this point, but it's crucial...
Should the price drop to 1.0667 and subsequently rebound, it's advisable to verify this move on the hourly chart. In this context, validation entails monitoring the Relative Strength Index (RSI) for two key conditions: it should enter the overbought zone, and a distinct buy signal should emerge (Buy OB). Once these criteria are met, consider entering a long...
The Indian Rupee (INR) has depreciated by 1 RS against the US dollar in the past month and is approaching its historical peak, a potential reversal opportunity. Consider taking a short position, using a tight stop loss set at the all-time high of 83.6 . This decision is bolstered by the presence of a bearish divergence, lending further support to this strategy.
Nifty 50 has experienced a robust bull run, gaining 700 points. However, signs of a potential slowdown are emerging:
A bearish divergence is evident on the 15-minute chart.
The channel has been breached.
Strategic Move: Lock in profits and wait for favourable re-entry opportunities.
The NIFTY 50 has retraced from its recent high of 20,000 to 19,300, potentially offering an attractive buying prospect. The downtrend/channel has been disrupted today, and the chart also displays a bullish divergence.