Yesterday, on the daily charts, NIFTY made a Black Candlestick. The market was very sluggish throughout the trading session. NIFTY opened flat at 5322.10, and moved range bound throughout the session, made a high of 5330.55, but was not able to cross the intraday resistance of 5340 too, and finally closed at 5308.35.
Now, NIFTY is taking support at the levels of 5270 or it can be said that now, 20-Days EMA (Exponential Moving Average) is acting as its strong support level. RSI (Relative Strength Index) is giving a SELL Signal, as the RSI Average is below RSI.
Traders are suggested to trade cautiously by following Strict Stop Losses and avoid making fresh investments at this point of time.
For the day, intraday resistance for NIFTY comes at 5330 / 5345 / 5360 levels. At the same time, 5295 / 5270 / 5255 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 57.17 and 56.43, respectively.
- MACD (26 Days & 12 Days): Their Values are 31.16 and 39.61, respectively. a negative crossover is indicated by both the Moving Averages.
- +DI: 21.85, -DI: 17.07, ADX: 24.07: The Positive Directional Index has gained strength over the Negative Directional Index and also the Average Directional Index is now above 20, indicating strength in the current trend.
- SMA (50 Days) & EMA (20 Days): The values of these two indicators are 5142.88 and 5272.24. 20-Days EMA is now acting as the support level for the NIFTY, whereas 50-Days SMA is in positive territory, as EMA has moved above the SMA.
No comments:
Post a Comment