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We are taking slightly contra view on index and expect Nifty index to see a short-term pullback from current level. Till the time Nifty is trading above 10033.35, the Higher Top Higher Bottom formation on weekly chart remains intact. On weekly charts, RSI (14), has signaled an oversold condition post the formation of a bearish divergence," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.The benchmark indices extended the ongoing pessimism and the bears tried to break the recent swing low of 10,276 in early part of the week. However, bulls managed to defend this level and thereafter index eventually slipped into a consolidation.
Looking at the daily chart, we are taking slightly contra view on index and expect Nifty index to see a short-term pullback from current level. Till the time Nifty is trading above 10,033.35, the Higher Top Higher Bottom formation on weekly chart remains intact. On weekly charts, RSI (14), has signaled an oversold condition post the formation of a bearish divergence.
Also, on a weekly line chart, in the last two weeks Nifty precisely closed near its previous resistance zone of November 3, 2017. Hence, we are meticulously tracking Friday’s closing as any close near or above 10,450 indicates that the index is poised for a sharp bounce. In that case, we may see Nifty to rally towards 10,575 and 10,640 levels respectively.
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