Thursday, 3 May 2018



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The Nifty has been in a steady uptrend since it made a low of 9,951 on March 23. It has moved above its 61.80 percent retracement level (10,706) from its lifetime high of 11,171 to the low 9,951. This suggests reversal of the previous downtrend.

A positive crossover of 50-exponential moving average (EMA) and 200-EMA is expected to provide bullish sentiment to the index. Prices have also been hovering comfortably above both averages for several trading sessions.


The Relative Strength Index (RSI) (14) recorded a bullish crossover on the weekly chart with a current reading at 60.76. This suggests possibility for further upsides in the short term. The momentum indicator is moving in alignment with the price, with no negative divergence.

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