On its daily scale the index is displaying a classic 2-point RSI-Price divergence - Tradebulls Securities
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Nifty
On its daily scale the index is displaying a classic 2-point RSI-Price divergence which may extendedintoa3rdpointupswing towards 18480-18600. The ‘Bullish Hammer’ occurrence near its 20 DEMA support level of18090reconfirmed the strength around that 18060-18000 psychological level. Options bound are well definedasweenter the final leg of the May series with 18000-18500 as a strong oscillating zone. Traders shouldcontinuetohold their longs until 18060 is not violated on a weekly closing basis. On the flip side the zonearound18480-18600 looks tough for negotiation & could see more supply pressure in case the up move unfoldsduringthisweek itself.
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