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Nifty: The underlying term trend of Nifty continuous to be positive

HDFC Sec | 17 Jul, 2017  | Follow Author | Add to my Favourites 
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Current Observation:


- Nifty shifted into consolidation today with positive bias and closed the day higher by around 29 points.


- Nifty opened today with positive note and later moved into sideways range movement for better part of session. Finally made an attempt to move up towards the end.


- A high wave type candlestick pattern has been formed today (small body with upper and lower shadow) at the new highs of around 9928 levels. This pattern is indicating a choppy trend in the market at the higher levels.


- Daily 14 period momentum oscillator like RSI has placed at the peak of 77 levels. Previously, daily RSI made a high of 77 (mid of March 17), leading to reversal pattern in the underlying.


Conclusion & Strategy:


- The underlying term trend of Nifty continuous to be positive, still there is no indication of any reversal pattern at the highs.


- Momentum oscillator has reached an important peak at 77 levels, which is hinting at the possibility of a beginning of downward correction soon.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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