Yesterday, on the daily charts, NIFTY made a Small White Candlestick. An upside movement was noticed in the market, led by some of the Heavyweights, but the bulls could not succeed in sustaining that rally during the rest of the trading session. NIFTY opened flat at 5230.30, crossed its intraday resistances of 5245 & 5260, by making a high of 5266.30. At the end of the trading session it managed to close at 5244.90.
With RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) giving SELL signals, along with a spurt in Volumes alerts about the weakness in the markets. NIFTY broke its 20-Days EMA (Exponential Moving Average) of 5257.25, and is falling towards its 50-Days SMA of 5099.38.
Now, the next intraday resistance for NIFTY comes at 5265 / 5280 / 5295 levels. At the same time, 5225 / 5210 / 5185 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 51.11 and 55.36, respectively.
- MACD (26 Days & 12 Days): Their Values are 31.91 and 60.63, respectively. a negative crossover is indicated by both the Moving Averages.
- +DI: 16.14, -DI: 21.89, ADX: 29.43. A negative crossover is seen, as Negative Directional Index (-DI) has crossed Positive Direction Index (-DI) and has moved above it.
- SMA (50-Days) & EMA (20 Days): The values of these two indicators are 5099.38 and 5257.25. 20-Days EMA has already generated a SELL Signal, whereas 50-Days SMA is still in positive territory, and as the EMA has moved above the SMA it is an altogether SELL Signal.
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