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According to Election data , it has been allready discounted , so according to psychology -Mkt. is telling buying but we should take a action against means --should position in selling side .
And daily RSI gives some kind of consolidate pattern
Buy Nifty 10000 pe @ 30 , tgt. 10200
As i told before Nifty should re-bounce from 10000 levels to 10300 and Nifty achieved my TGT.
Or u can se my previous post
SORRY FOR LATE, NIFTY IS TRADING BELOW MY EXPECTATION WHICH IS 10100 LEVELS AND INDIACTES BEARISH TILL 9980 LEVELS. THIS KIND OF SEELING PATTERN INDICATES PULL BACK FROM STRONG SUPPORT LINE WHICH I THINK 9980 LEVELS TO 10600-800
SO U CAN ADD UR POSITION IN BHARTI AIRTEL , SIMPLEX INFRA, SBIN, BHEL, NHPC ,TATASTEEL ( GIVE 20-30 % RETURN IN 2 MONTHS)
This is the 1hr. chart of Nifty which indicates -- rising trend would happen till 10385 levels from 10350 after gap down opened on today .Which told to go bearish on friday (24/11/2017)
But Daily chart indicates- At the time of Overbought in Nifty ,it indicates some kind selling pressure will be seen near 10400 to 10200 levels .
BUT WEEKLY CHART- IT WILL GOOD ...
When Nifty did breakdown below 10250 levels and touched 10100 , and bounced back to 10300-50 levels but Price couldn't cross the trend line as i shown in 1hr. chart. & creates rising wadge pattern in ABCDE wave method with overbought in Daily chart that indicates bearish for only short term cann't tell about further trend at this time.
So i would be in short ...
Nifty did same action as i told before in weekly chart of nifty ( sell near 10280 tgt. near 10130-150 levels). And told in this charts nifty should bounce from this levels and it did it.
This current chart pattern indicates decisive for further trends for nifty. we should keep watch in between 10150-10300 ( breaks either levels for further trends)
Weekly RSI- ...
Nifty made touch 10130 levels as i told before from 10280 levels so at this point it is taking rest and bounced from 10100 levels . Trend is not decided for mid term so till that date we have to wait or trade in between 10250- 10100 levels.
this time Nifty is trading near 10180 levels , in this levels we could see small kind of resistance zone is there near 10200 ...
According to Monthly chart -Nifty is making HH to HL but RSI creates H&S pattern but no divergence is there = Means Confusion
Weekly chart - Nifty is making HH to HL but Price face resistance near upper trendline with bearish engulfing candle but RSI creates Negative
divergence= Means Negative.
Daily Chart - Nifty is making HH to HL ...
After free fall from near 10500 levels and trading near 10300 levels . In monthly chart RSI did not cross previous high as well as in weekly chart RSI also face same resistance at higher levels , didn't cross . so that means We have to cautious before creat new position .Nifty couldn't cross 10350 levels and trying to breakdown below 10275 levels if it cross again ...
As i thinking before Nifty should take support from 10350 levels but it didn't and taken rest near 10300 levels . So this kind of pattern is making confusion .But todays selling indiacates for a pull back rally till 10380-385 levels after touching this levels if it will not cross or breakdown below 10300-10280 levels then could think for a bullish above 10500 ...
Todays (7/11/2017) fall is like a profit booking after bearish candle happened at higher level (near 10500). so that doesn't mean bearish could see for further moment . 10300-10350 is kind of a strong support area . i think nifty could take support from near 10350 to 10500 like ABC pattern so according to elliot wave 4th wave is continuing in ABC form .
NIFTY WILL TRADE IN BETWEEN 10350-10420 FOR FEW DAYS THEN WILL BE BULLISH