Outlook on Nifty
Key obdervations:
1. Nifty is being pushed up aggressively. If we see, there has been no significant consolidation after 16k.
2. The price consolidates only for a while before giving another breakout.
3. The breakouts are not followed by any retest, which proves the fact that it is being aggressively bought up.
4. If we look at the RSI, it is continuously in overbought territory on multiple time frames. Although during strong trends, the RSI may sustain in the overbought region for extended periods. Still, it is not a good sign to be in overbought region on the majority of the time frames.
5. It is bullish at the moment but be very cautious before opening up longs because we may see correction anytime soon.
Disclaimer: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
1. Nifty is being pushed up aggressively. If we see, there has been no significant consolidation after 16k.
2. The price consolidates only for a while before giving another breakout.
3. The breakouts are not followed by any retest, which proves the fact that it is being aggressively bought up.
4. If we look at the RSI, it is continuously in overbought territory on multiple time frames. Although during strong trends, the RSI may sustain in the overbought region for extended periods. Still, it is not a good sign to be in overbought region on the majority of the time frames.
5. It is bullish at the moment but be very cautious before opening up longs because we may see correction anytime soon.
Disclaimer: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
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