Nifty Technical Analysis

Published: Wed, 11/18/20

Dear ,

Nifty achieved a much longed target of 12860 this week where wave 3=1. At this point it is worth holding back and thinking about whether a near term pullback should develop in wave 4 wave 3 should continue to extend. Bank nifty was the first to get there at 28700 and is already past its recent high. The Nifty Midcap 100 is up for the 14th consecutive day. These winning streaks are rare. These streaks can be signal a strong underlying trend that is building up even as short term they result in overbought readings in indicators like the RSI and Put/Call ratio. So pay attention to near term levels if you are a short term trader and a 200-400 point potential pullback matters to you. Long term investors maybe less worried about these short term gyrations.

Rohit Srivastava

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Rohit Srivastava
www.indiacharts.com
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