Last week in our Weekly Wrap we mentioned only downside levels and NIFTY nearly did our third level of 5830.
This week NIFTY traded in narrow range of 126 points and closed with 28 points loss. Closing above 5 WEMA favors bull although weekly closing was lower than opening. It could not break the channel resistance and support line (please refer to chart). One noticeable thing is developing negative divergence in RSI. Next week closing may confirm the pattern.
In daily chart, NIFTY closes just below 5 DEMA and MACD has given Sell cross. But price should confirm all the observations.
As of now, buy the dips and sell the rise should be strategy for trade in NIFTY until it gives clear breakout in either side.
Please keep watching this space for trading levels in Opening Bell.
Wish you happy trading !!
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