July 16, 2020

Nifty below 10700–A Pause or a Crack ?

  • A classical Candle Reversal with a big down tick today.
  • RSI has started showing Divergence after being overbought.
  • The last intermediate top at 10550 and Gap at 10450-10500.
  • Trendline support at 10400-10450.
  • The short term trend has changed and will break the higher top higher bottom structure when it breaks at 10200.
  • Targets on downside 10450-10500 and 10200-10250. Stoploss now should be at 10760.
  • For now it looks like a pause with 10200/10450 to act as support. Review further when it breaks 10200.
  • Broader market may turn down only on a break below 10200. Till that time continue to look for stock specific action.
Nifty 50 10450

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