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BharatJhunjhunwala

NIFTY CLOSED LOWER FOR THE WEEK? What does this indicate?

Indice NIFTY 50 (NSE:NIFTY)  
BharatJhunjhunwala  
NSE:NIFTY   Indice NIFTY 50
Trend Analysis Chart Patterns Technical Indicators nifty50 bankniftytrend nseindia bseindia macdivergence technialanalysis options-strategy
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trendanalysis chartpattern indicator nifty50 bankniftytrend nseindia bseindia macdivergence technialanalysis options-strategy
NIFTY: Nifty made a lower close this week. The narrow range bar indicative of weak momentum in the index (however it doesn’t signal outright shorts) but longs positions should be tighten at this juncture. Correction may initiate below 11800, which may extend to 11400 – 11300 levels, at this point we can notice institutional support coming up. The RSI is above 60 which indicates the overall trend is up. Counter trend trading strategy may be considered keeping in mind the support levels on 11400 – 11300.
Bharat Jhunjhunwala
MFTA,CMT,CFTe,MSTA
www.prorsi.com
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