Trading Nifty and Bank Nifty using RSI Edge
Nifty – The momentum is strong and RSI is well above 70, probable target is placed at 10830 & 10890 levels as of now. While 10610 is key support and 10465 is critical support levels for the index.
Meanwhile one thing we would like to bring to notice is that minor time cycles are active from 4th of May 2018 and major cycles will be active from 25th May 2018. Price action needs to be watched at these dates.
Bank Nifty – The momentum is picking up in Bank Nifty too. 25850 and 26050 are the most probable targets for the index if the momentum continues. While 25080 & 24500 are key and critical levels of support for Bank Nifty.
The time cycles will be active from 2nd May 2018 in the index. Price action needs to be watched at these dates.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA