Nifty mads a perfect Doji on 30 minutes chart, and respected it throughout the day. It also closed well below the lower level on candle.
Since medium term charts are still very bullish, traders are advised to TRADE with CAUTION.
Even the RSI EMA crossover indicator gave a sell signal, early in the morning and did not turn positive throughout the day.
This negativity can very well be a part of consolidation after a massive 900+ points move, almost all technical indicators are positive on daily charts, at the same time turning a weak on shorter periods indicators.
I would only say, it is important to book profits or follow stops at important points, and create fresh longs - only when there are confirmed signals of this consolidation being over.
10440 is an important level, as far as my understanding goes.
Please consider liking this idea / post if you find it informative or worthy, you may also follow me for more of updates on Nifty, BankNifty, Silver or Gold.
Thanks in anticipation.
Since medium term charts are still very bullish, traders are advised to TRADE with CAUTION.
Even the RSI EMA crossover indicator gave a sell signal, early in the morning and did not turn positive throughout the day.
This negativity can very well be a part of consolidation after a massive 900+ points move, almost all technical indicators are positive on daily charts, at the same time turning a weak on shorter periods indicators.
I would only say, it is important to book profits or follow stops at important points, and create fresh longs - only when there are confirmed signals of this consolidation being over.
10440 is an important level, as far as my understanding goes.
Please consider liking this idea / post if you find it informative or worthy, you may also follow me for more of updates on Nifty, BankNifty, Silver or Gold.
Thanks in anticipation.