NIFTYNifty has broken out of the falling wedge pattern and has broken the 9000 resistance. There can be retest of support of 9000 coming in the next few days which would be a crucial point so as to decide further market direction. We have seen a bounce already that i discussed about few posts back, and now i am expecting a sideways to small up-rally market (after 9000 re-test if it happens).
As far as global markets are concerned, DOW (US30) has been rising in the past few days and we may see a retest of 24900 level there. So this may also help Nifty rise a bit, but still i am net bearish on the medium term.
Daily RSI
Nifty - 47 - Neutral
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Note
As anticipated, Nifty is currently testing 9000 levels. It should give a clearer picture of market direction in next few hours/sessions.
Currently, the bears seem to be much stronger compared to the bulls. Trade with small quantity and trailing Stop Loss.
STAY SAFE!
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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.