Nifty daily charts- Double top. Bearish MACD divergence. Bearish RSI divergences. DI-crossover. Breaking sub 20 DEMA.
On weekly time-frame too, the MACD histogram has been negative for several weeks now. Even ADX indicatior has topped out and is declining,indicating a weakening of trend.
I believe selling the rallies will be more rewarding in times to come than buying the dips. The Nifty should head towards 9700 in soon, and if that breaks too, worst case we may even see 9200-9300 by year end.
On weekly time-frame too, the MACD histogram has been negative for several weeks now. Even ADX indicatior has topped out and is declining,indicating a weakening of trend.
I believe selling the rallies will be more rewarding in times to come than buying the dips. The Nifty should head towards 9700 in soon, and if that breaks too, worst case we may even see 9200-9300 by year end.
Komen:
First target achieved. Nifty hits 9700.