Well, nothing wrong with Bullish setup on Nifty chart. Last week Nifty sustained the gains. RBI policy was a non event.
Technical Overview: Last week Nifty made high of 8606 and low of 8448. A range of around 158 points. Nifty is finding it difficult to cross a small hurdle at 8654. Nifty need to break this level to reach its next destination at 8800. A
range-bound trading on Nifty for last 3-4 trading sessions creating
stronger expectations of big move either side. Short term indicators are
in overbought territory. This suggests that Nifty may take a small dip before moving further up. The lower levels can be upto first support level at 8527. If this level is broken Nifty may travel down to 8400.
Short Term (Few days to a Week) : Hourly chart on Nifty has developed negative divergence makes us believe that it may see a short deep. Aggressive traders can sell Nifty for a target of 50 points from current level.
Medium Term (Few weeks to a month): Would suggest to let Nifty settle at a support and then buy on dip. Dips are buying opportunities in current scenario.
Long Term (Few months to Year): Nifty remains to be in bull market and be on long side of the market.
Bank Nifty: BANKNIFTY seen
reacting to resistance near 19100 as mentioned last week. Bank Index
may trade with negative bias. It has support near 18500.
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