RSI Edge Analysis for Nifty – 16/03/2018
Nifty – As mentioned in the previous update the levels 10500 remained intact as resistance and prices were pushed down again to close low at 10366. The levels of 10300 is an important pivot support and Nifty may halt here temporarily. A break below this level will fully clarify the bearish intent and the index may be pushed down towards 10150 levels of even further to 10070 levels.
Watching price action at 10300 zone is important, if Nifty saves this zone and forms a bullish candle and moves back strongly then the story will be different. The momentum is overall weak.
– Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA