From the hourly chart of Nifty 50, we can clearly see it is making double top pattern, which is a indication of trend reversal. Also, RSI is showing negative divergence which implies that the Nifty can slide down. Nifty is at strong resistance level. We have to keep checking how it behaves on Monday, and with the confirmation of trend reversal we can short for good profits.
Shorting after the trend line (shown in image) breaks will be a good opportunity. Keep an eye on it on Monday 8th of June 2020.
Shorting after the trend line (shown in image) breaks will be a good opportunity. Keep an eye on it on Monday 8th of June 2020.
Note
Also, Nifty can make Double top pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.