This week we saw narrow range of 136 points in NIFTY but within this narrow range we saw some interesting observations as follows:-
1. NIFTY made new yearly high at 6252.
2. Negative divergence in weekly chart.
3. Larger volume compared to average volume of previous 8 weeks.
4. Bearish harami candle stick pattern.
4. Overbought stochastc and CCI.
Some important observation that we have found in daily chart :-
1. NIFTY closed in -ve for four consecutive days.
2. Selling cross in MACD
3. Overbought CCI and RSI.
From weekly and daily chart, we can conclude that NIFTY is heading for lower levels.
But presence of bullish Gartley Pattern ensures some upmove towards 6200 which can be good selling opportunity.
