The index is moving in a Higher Top and Higher Bottom formation on the daily chart
indicating a sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 17800 level it
would witness buying which would lead the index towards 17900-18000 levels. However if the index breaks below
17700 level it would witness selling which would take the index towards 17600-17500. Nifty is trading above its 20
day SMA which indicates positive bias in the short term. Nifty continues to remain in an uptrend for the short term, so
buying on dips continues to be our preferred strategy.
The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line
indicating sustained downtrend.
If NIFTY trades above 17785 this level then we may witness a further rally up
Nifty S2 S1 P R1 R2
17490 17620 17785 17920 18080
indicating a sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 17800 level it
would witness buying which would lead the index towards 17900-18000 levels. However if the index breaks below
17700 level it would witness selling which would take the index towards 17600-17500. Nifty is trading above its 20
day SMA which indicates positive bias in the short term. Nifty continues to remain in an uptrend for the short term, so
buying on dips continues to be our preferred strategy.
The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line
indicating sustained downtrend.
If NIFTY trades above 17785 this level then we may witness a further rally up
Nifty S2 S1 P R1 R2
17490 17620 17785 17920 18080