Nifty Outlook May Series

Nifty Technical Outlook For May Series

RSI on daily charts has fallen below 60 indicating weakness if building up. At the same time today Nifty made dragon fly doji pattern. Even though last minute reversal was strong, Nifty unable to sustain the higher levels due to price rejection. If Nifty slips below 11600 then it might lead to a potential correction. Time to keep long positions light. USD/INR supported the late reversal in afternoon. But crude and brent sustaining above 72/63 and again cruising towards their current month high. So signs are not good for bulls. Time to take precaution on existing holdings.Only good thing is Nifty still trading above 9 day EMA 11690 and 21 day EMA 11618. Closing below 11600 will confirm trend reversal. Keeping my fingures crossed and confused whether to stay long or short. Ideally its a NTZ for me.