May 9, 2015

NIFTY Weekend update

  • Nifty stood above 7961 which was the earlier support level. Long shadow of the weekly candle suggests support near this level.
  • 8355 level is crucial for bulls to cross. Sustaining above this zone will add strength for this bounce.
  • Price continues to stay below 200 SMA which is a problem for bulls.
  • Recent RSI signals have done well. Current signal will work well only if price can stay above 8355 levels.