Nifty: RSI in overbought

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Nifty


Consider selling Nifty for target of 17280 / 17230

Option: One may consider to buy Nifty 17300 Put option in the range of 58-65 for target of 82 / 98 / 107 / 130

SL as per your risk appetite

Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Nota
Do note the RSI is not overbought in the above chart which is 15 min chart...
In the above chart we do see a divergence between new Nifty highs and lower RSI highs

1`st Sept Nifty closing high 17208 RSI 81.79
3' rd Sept Nifty closing high 17300 RSI 78.96
6' th Sept Nifty closing high 17415 RSI 76.70

It is overbought in daily chart. Refer the chart below for RSI levels

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Nifty 17300 Put option
CMP 86
made a high of 92.50 so far

Target of 82 achieved and exceeded

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Enjoy & happy trading...!!!
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