RSI Edge Analysis – Nifty
The index did open with a gap down but pulled up. The RSI was payed in the oversold zone for quite a substantial time and this pullback seems to be corrective. Nifty may be pulled to 10190 and 10250 levels (10280 wont be a surprise though).
Price action needs to be monitored at these levels, a bearish formation will re establish the bears in the counter. However a move below 10070 will take nifty towards 9940.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA