Nifty falls below 20-wk average on weekly basis
Stay on the sidelines and sit on the cash. The positive development is that the daily RSI bounced from the prior low and the 40 zone and avoided...
Book profits amid short covering
Nifty traded in tight range and formed a small body, a smaller shadow candle. On a weekly time frame, it formed a bearish engulfing candle
Avoid fresh long positions for now
Nifty formed a big engulfing candle and fell below the previous week’s low. It formed a most bearish candle after 20th Dec
Nifty forms Doji candle
Avoid aggressive fresh purchases as the benchmark index on an hourly chart formed a lower-high swing
Charts indicate indecisiveness in market
Benchmark index formed a higher high and low candle with last hour’s bounce
Nifty forms another lower high candle
Benchmark index closed below 8EMA and prior breakout level of 21,593 pts
Nifty forms bearish engulfing candle
Market condition is not conducive to building new long positions in index
Consolidation in 20,222-20,319 zone likely
Nifty may test recent breakout level of 20,222 pts; The 50% retracement level of last 9-week upside move is at 20,319 pts
