1. RSI Divergence on daily charts suggests reversal in near term.
2.Support seen at 9820 and resistance around 10280 levels.
3. But keep in mind that in last 7 out of 10 years,Nifty gave negative returns in the month of November. So,bounce back should be used as shorting opportunities.
Some pull back can be seen on Nifty as it bounced back from trendline which started from 6825 levels on Feb-2016.
Bulls have defended 50% retracement 4 times in last few days..
Most oscillators showing Nifty in oversold position..
RSI divergence seen in hourly charts..
Pull back expected.. Target 11171..
Whenever wee saw RSI divergence on monthly charts,it was followed by a massive sell off!!
And the markets corrected around 25% everytime from highs in the span of 11-12 months except 2008 crisis..
Its not a prediction,Its a possibility. ..
May be we will see a correction till 8900/9000 in next one year..
Trendline has been broken on weekly closing basis.
BankNifty may go side ways or it may correct in upcoming days if it fails to close above 26000 next week.
Also 26000 is the Fib 50% retracement of the last trend..
Another analysis shows Inverted HnS on Weekly charts of Brent.
Target is the length from Head to neckline ,which suggests target $91.50
My previous analysis suggests rounding pattern on daily charts whose target is also near this zone..
So charts say that we ll see crude at 90/91.5 in upcoming days,..
After Budget-2018,Nifty fell from life time highs and took support near Fib 0.618 levels..
From lows of That level,started a new trend up to 11760 zones..
Not its retracing and may take support near 11070,which is the swing high of Jan-2018 as i mentioned in my earlier analysis..
Below 11070,i think there is no support till 10850/10800..