NIFTY Analysis
According to market cycle NIFTY is on a consolidation phase on daily chart
Resistance Zone: 17850-17920
Upside Target: 18000 and 18092
Downside Target: 17800 and 17620
Positives: 1. Nifty is well placed above 20,50,200 EMA (Major trend is still uptrend)
2.Shorter term 5 and 20 DMA crossover
3.RSI,MACD,COC(20),ROC(20) all showing bullishness
Negatives: 1.There's Bearish RSI Divergence which may cause NIFTY to consolidate a little or the prices may correct
2.Stochastic showing overbought
NOTE: Keep a neutral stance
Resistance Zone: 17850-17920
Upside Target: 18000 and 18092
Downside Target: 17800 and 17620
Positives: 1. Nifty is well placed above 20,50,200 EMA (Major trend is still uptrend)
2.Shorter term 5 and 20 DMA crossover
3.RSI,MACD,COC(20),ROC(20) all showing bullishness
Negatives: 1.There's Bearish RSI Divergence which may cause NIFTY to consolidate a little or the prices may correct
2.Stochastic showing overbought
NOTE: Keep a neutral stance
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