Daily chart of Banknifty for educational purpose only

Required knowledge to understand this chart

Knowledge of Support and Resistance - support when broken can become resistance and vice versa

Using moving average for trend direction
Using moving average for breakout
Using moving average for price retracement or pull back

Knowledge of using RSI - RSI is used as a momentum indicator.

In this chart at vertical line a, the previous support line acted as resistance and momentum fell from there only to find support at the body of the previous low. At vertical line b, the momentum broke out of the previous momentum or RSI high along with price moving above moving average giving a buy signal. The previous pinbars that acted as resistance came into play again between b and c vertical lines and price fell to moving average only to climb back up with momentum also increasing.

Between vertical lines c and d the momentum made a high but failure to stay above the previous momentum or RSI high pressured the price to fall down only to find support at moving average. The week consolidation and negative RSI divergence say the price is weakening. At the fag end of the chart the momentum is sloping down whereas moving average is curving upward gives a mixed signal.

Will the price move above 57850 or fall to 55350, or the price will retrace to moving average makes this chart an interesting watch.