Nifty - Volume Bearish Divergence on Daily
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Nifty has been making continuous green candles for the past few days except for one.
Even though Nifty is rising we can see that green volume is decreasing which is a bearish divergence so we need to be careful if we are going long.
The previous high is less than 180 points away and can be achieved easily within a day or two if Nifty keeps following this trend of back to back green candles.
Profit booking can also be expected in the next few sessions so watch out for that.
It will be decisive what Nifty plans to do at that level. Whether it makes a double top and starts to come down or chooses to cross that resistance and head higher.
Also, one more thing to note is that though Nifty is showing signs of strength, Bank Nifty is not and moving sideways for the past few days.
If Nifty has to keep rising, then BNF will have to be supportive and currently, that has not been the case.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“Accepting losses is the most important single investment device to ensure the safety of capital.” - Gerald M. Loeb
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
Nifty has been making continuous green candles for the past few days except for one.
Even though Nifty is rising we can see that green volume is decreasing which is a bearish divergence so we need to be careful if we are going long.
The previous high is less than 180 points away and can be achieved easily within a day or two if Nifty keeps following this trend of back to back green candles.
Profit booking can also be expected in the next few sessions so watch out for that.
It will be decisive what Nifty plans to do at that level. Whether it makes a double top and starts to come down or chooses to cross that resistance and head higher.
Also, one more thing to note is that though Nifty is showing signs of strength, Bank Nifty is not and moving sideways for the past few days.
If Nifty has to keep rising, then BNF will have to be supportive and currently, that has not been the case.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“Accepting losses is the most important single investment device to ensure the safety of capital.” - Gerald M. Loeb
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.
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.