Tag: technical view on nifty

NIFTY

 

As we can witnessed from the above that NIfty has given an H/S breakout in its daily chart and same portrayed in RSI. So what’s new in that?? The new thing is the principle and confirmation. Below RSI has touched its crucial falling trendline resistance. Volume too not supporting rising price. Hence we assume a pullback in price till 8030-8006 levels which would be a perfect entry level with lower risk/reward ratio..

We are not denying higher levels for the Nifty. Nifty may touch 8380-8410 levels, but for a better risk to reward we advice to go long near 8030-8006 levels..