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NIfty

The 200-day moving average of the index saw an upward move from the highly anticipated support zone of 18830. The most recent upswing does not exhibit any strong 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 35 and the ADX continue to rise higher at 36. Given that the current decline from 19850 has occurred more quickly than in previous waves, it is best to trade cautiously in the short term and avoid using leverage. When the oversold condition is met but the reversal is not complete, 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

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