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Sensex: 31599.8 -26.80 Gold: Rs.29965.00
Nifty: 9871.5 -1.10 Silver: Rs.40125.00
Nifty: The underlying term trend of Nifty continuous to be positive - IndiaNotes.com
Nifty: The underlying term trend of Nifty continuous to be positive
HDFC Sec | Published: 17 Jul, 2017  | Source : IndiaNotes.com

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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