RSI Edge Analysis for Trading Nifty
As mentioned in the last Nifty update, the index faced resistance at 10266 levels and fell down. The gap at 10165 – 10105 levels have acted as support and have pushed Nifty up.
Nifty closed positive (although it lost most of its gains). Chances of Nifty continuing up is still open. Nifty may retrace to 10260 to 10290. Watching of price action here will be important. A move above 10300 may push Nifty to 10330 and 10380 levels. However if Nifty fails to show up a good price action (bullish of course) then the move down shall continue. If long positions to be trailed at 10150 levels (closing basis). Sellers have to wait for appropriate price action.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA