Nifty – The Upward momentum intact unless..
let’s be straight and come to the facts.
1 – Nifty has strong support at 22200. This is the previous all-time high, The Support trendline drawn from lows of 24-1-24 coincides with this level too.2 – RSI divergence is quite obvious but this is a case of classic double divergence. Keep an Eye if RSI breaks the level of 50.
3 – ADX Well below 15 mark shows a sluggish sideways market, hence anyone ( the bull or bear) can capitalize on this. Though in an uptrend “Unless” the 22200 is taken out, it should be bulls.
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4 -Market breadth looks weak, not just deteriorating, cause the % of Stocks above key short and mid-term MA looks sliding down. Not a good sight in a bull market.
We believe these levers are important and just by following this, we can at least understand if the market is going to continue to move upwards or if we are in for a short break.
