Please Share:: 
Current Observation:
• After showing a minor lower levels recovery on Friday, Nifty continued with upside momentum today, but the up move
was lacking strength to sustain.
• Nifty opened today with flat note and started to show upside recovery since opening. The intraday trend remained
positive for the whole session, but Nifty lost some of the gains towards the end of session.
• We observe a formation of high wave type candle (a small body with long lower and upper shadow), which is
suggesting a confusion state of mind among bulls to hold on the defense. The pattern of pullback rally of the last couple
of sessions, after a sharp decline of last Thursday, is indicating the ongoing of bear market pullback rally.
• Minor negative sequence of lower tops and bottoms is unfolding in Nifty as per intraday timeframe chart of 60 mins
and currently Nifty is in the process of making new lower top for short term. This could possibly lead to a sharp decline
in the market, after the completion of pullback rally.
• Daily momentum oscillator like 14 period RSI has been struggling to move above the key lower hurdle of 40 levels. Daily
RSI finding resistance at 40 levels means strong down trended move is on the way in Nifty for short term.
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