#LETSTALKABOUTMARKETS

This maybe an old school approach as you may say but this is something that everyone can understand. My analysis is based on volatility(BOLLINGER BAND) and momentum(RSI). Here what my analysis is that, Nifty is trading in a sideways pattern after breaking the rising wedge. A positional trade can be taken with a healthy risk/reward ratio. One can keep 9450 as stoploss and short Nifty for targets of 9000-8800. Nifty has not been able to surpass the fibonacci retracement level of 38% in the past 2-3 trading days. If the resistance level is taken off then 9000 will be the support point and that resistance level will be the second support point. RSI has also retraced from the 60 levels indicating resistance at that zone. RSI above 60 on a daily time frame indicates bullishness. Resistance at 60 and falling shows reversal. According to Bollinger Bands, close below the mean level(9195) i.e the 20 day moving average can make Nifty test the lower band which is the support zone of 8800.