Nifty Technical Analysis

Published: Mon, 12/21/20

Dear ,

As discussed in the weekly Nifty Elliott Wave Update, Nifty can see one day knee jerk reactions without a change in the trend. This is often useful in relieving the occasional overbought condition of the market, based on the RSI indicator [see chart below], which was reading close to 80. That is all we can expect. A high RSI has no bearing on the larger trend in the market. In fact during trending markets a high reading can be a signal of the underlying strength. Before the final top more often than not, in a trending market, you will get a negative divergence in the RSI, that might then be a better indicator of a possible coming market turn near term. On weekly charts after 7 weeks of persistent gains we can only sit and wait and allow the positions to run.

[nifty intraday video updates can directly be accessed on the Indiacharts App]

Rohit Srivastava

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Rohit Srivastava
www.indiacharts.com
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