- 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.
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- 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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