SGX Nifty - Broadening descending formation
NIFTY1!
SGX Nifty is currently forming a Broadening descending formation. Looking at the pattern, it looks like the bears are taking control of the market with bigger red candles than green ones. With less than 12 hours to SGX open, it would interesting to watch how the pattern plays out and how it affects the Indian
NIFTY
on NSE open. I am expecting a range bound to down trending market for the next few days.
If market keeps going sideways, it would be great time to make money by selling options on both sides.
Note - Global Markets can play an important role in market direction so it would be worth to keep an eye on global cues/news.
Daily RSI
Nifty - 42 - Leaning Bearish
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As expected, we have broken down from the channel and now continuing with our series of lower low and lower high formations. I'm still bearish for the time being since there are no reasons to be otherwise.