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RSI Edge Analysis of the Stock, Futures & Forex markets for the coming week.

“Overall picture is bullish, only exception is my indicator (BX Trender) is showing bearish divergence.” published on May 14th. The BXTrender was giving a warning for this impending correction.

Nifty is still in uptrend, the index retraced exactly form 78.60 Fibonacci resistance. 10530 may act as a strong support level, closing below which Nifty may flutter badly. Though it will be too early to call it a trend reversal, yet corrections can be deep.

From a trading point of view, better to stay neutral in the index. With all the ongoing political fiasco, Nifty can behave in an erratic way.

Bharat Jhunjhunwala CMT, CFTe, MSTA, MFTA

Disclaimer & Risk Factors.

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