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Nifty

Nifty50 saw a long bearish candle on its daily scale near its resistance zone of 19250-19300. The recovery so far from its 200-day moving average has been maintaining its higher top higher bottom sequence. It failed to registered a close above its 5 DEMA resistance zone around 19150. Yet there is no clear not exhibit of any reversal pattern traits that would indicate a clear bottom. We are unable to declare the current corrective move to be over because both of its trend strength indicators have been diverging, with the RSI at 37 and the ADX continue to rise higher at 37. Given that the current decline from 19850 has occurred more quickly than in previous waves, it is best to trade cautiously & address one day at a time in the short term. It is best to take a passive approach and only look at mean reversion trades that fall into the wide predicted range of 18600-19300 with 18850 being its mid-point. On immediate basis expect the index to oscillate within the 19300-18850 range with a positive bias.

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SEBI Registration number is INZ000171838