Fridays session witnessed a correction of 55 pts from its prev. close of 5132. Nifty Dec opened gap down, recovered 80 pts., and further, tanked to make a low of 5078. It was a volatile trading session.
The price action has shown signs of correction, however, the daily momentum indicators Rsi and MacdH are still showing signs of strength. Stochastics, on the other hand, has given a negative divergence suggesting weakness.
On Intraday, hourly chart of Nifty has formed a doji above its 200 EMA, followed by a large green candle breaching the high of prev. candle, suggesting bullishness for the first session of trade in the coming week.
To summarise, it seems like on Monday, we may witness a whipsaw trading session because of the mismatched direction of the indicators and price action. If Nifty manages to trade convincingly above 5125, it may test 5156-5188 levels. On the flipside, if Nifty breaks 5120, it may test 5088-5065 levels.
Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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Good view and Analysis keep it up. Dhawal
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