Short term Outlook:
Nifty is quite oversold for now after a vertical fall from 5300 to 4650.
It is now trading above its trendline of fall from 5229 to 4650.
RSi level on M30 charts is trading above its 20period MA. It seems that nifty is ready for a pullback and could touch 4850 its previous high on H1 charts or 4900(which is 38.2% level of its fall).
So short term signal for nifty is buy with a target of 4850 at current levels with a stop at 4700.
Nifty is quite oversold for now after a vertical fall from 5300 to 4650.
It is now trading above its trendline of fall from 5229 to 4650.
RSi level on M30 charts is trading above its 20period MA. It seems that nifty is ready for a pullback and could touch 4850 its previous high on H1 charts or 4900(which is 38.2% level of its fall).
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| Nifty oversold and seeking a pullback |
So short term signal for nifty is buy with a target of 4850 at current levels with a stop at 4700.
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