Friday 11 May 2018


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Indian markets remained choppy on Thursday, with the Nifty finally managing to close at the day’s low of 10,716, a loss of almost 25 points. At higher levels, nervousness was clearly visible as traders were hesitant to initiate fresh long positions ahead of Karnataka state assembly elections and were using any pullback towards 10,780-10,800 levels to book profits.

The weekly relative strength index (RSI) (14) is hovering near the crucial level of 60. Traders need to closely track RSI’s momentum as it will dictate near-term direction. Daily RSI has given a negative crossover and indicates short-term correction.

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