NIFTY 1H

The range in which NIFTY is trading is shrinking. It has started forming a pattern which is The Rising Wedge Pattern. It is mostly observed that this pattern generally has a breakdown instead of a breakout but that depends on the market is never 100% guaranteed. But as it is said in stock market "History repeats itself" so we can believe to notice a break down in NIFTY. The RSI is also nearing 70 in 1HR timeframe. You can backtest the reaction of NIFTY when it reaches RSI of 70+. So we can expect a correction in NIFTY in the coming few trading sessions. No one can say how much NIFTY will correct, but it will definitely show a reversal pattern once it's done being bearish. So hold your cash and wait for NIFTY to correct. You can catch stocks at better prices & incur good profits. Happy Trading & Investing!