It was an inside day for Nifty today. Low on volumes, momentum indicators RSI and Stochastics, which were showing signs of recovery yesterday have given a negative divergence. MacdH, though already in the negative terrain, showing signs of further weakness.
To support the negativity on Nifty EOD, frontline stock futures alongwith Bank Nifty are also exhibiting weakness on their daily charts.
Short term target for Bank Nifty should be approx 7550-7650, and Nifty 4550-4600.
For intraday, if Nifty manages to break 4830, we may witness 4770, below which it may test 4620 levels. Range for Nifty should be approx 4875-4775.
Trading with a negative bias will be comfortable. Trade Safe !!
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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