Nifty gave a breakout on 15min TF towards the late end of today's session.
Daily RSI has also bounced from 60 levels. Since W and M RSI are already >60, Daily RSI>60 indicates super bullishness going ahead.
Nifty seems good for buy on Dips.
Bearish/Negative RSI Divergence observed today on BNF 15min chart. Te gap was just 2 candles and hence a steep fall even though the difference in price/RSI was minimal. Power of RSI divergence.
Timeframe:Daily
NIFTY seems to be travelling inside a Regression channel (LL-LH pattern being obeyed). Some more upside left before another downmove starts.
I have drawn the channel from Line chart. Hence the exact candle tops and bottoms have not been neatly enclosed in the channel. This style (converting from Line to Candles) works for me and hence publishing...
TATAMOTORS back in the channel. RSI taking support and in uptrend.
Price took good support from demand zone (320 levels) and trend changed to bullish.
Needs good volume to break and sustain above 350 level which will be 3-year breakout.
TF: 15 min
Pattern: Cup and Handle
Height of Cup: 90 points (considering cup base at 2960)
Height of Handle: 30 points (ideally should be between 35-50% of cup height).
Target on breakout: 90 points from CMP (equal to height of cup)
Waiting for breakout from CMP (3050) which is also a long time supply zone.
+ve RSI divergence observed which indicates bias towards...
Maruti in uptrend but currently arriving at strong resistance zone (7200). Auto sector in general bullish. So have to wait and watch tomorrow for current levels and then take trade.
