Trading Nifty & Banknifty with RSI Edge
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Nifty managed to close positive this week. The RSI was in a oversold region and this rally was anticipated. The resistance levels on the weekly charts are placed at 10505 levels. Prices are expected to halt here and reverse. There is no sign of trend reversal on the weekly time frame as of now. Going long against the trend is not recommended.
Nifty ended up in a no decision day on Friday. The doji signifies the same. A move above 10445 will be a signal that the price may move up for some time and reach its weekly target zones of 10505 levels. Below 10250 the bears will gain an upper hand and Nifty may start drifting down again probable support for Nifty is placed at 9960 on the downside. If there is a breach of the 10300 levels ProRSI may consider a short position in the Index.
We will have to wait for Nifty to reach 10270 and watch the price action there.
Bank Nifty have moved into a resistance zone. 24960 is a very well deceive levels, a move above 25000 levels will be short term bullish and may push Bank Nifty up to 25400 levels.
However a selling below 24700 levels will bring back sellers into action to drag the index down to 24160 – 23850 levels.
Bharat Jhunjhunwala CMT, CFTe, MSTA, MFTA