Nifty Stocks – Numbers Don’t Lie!
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Nifty reversed with the bear gap, forming the island reversal pattern on the daily charts, thanks to the HDFC Bank.
But I am not here to highlight the Nifty50 chart. Check my Nifty Chart analysis here.
For avid followers of RSI, the latest data reveals some intriguing statistics that warrant attention:
Source: RZone-
Fresh Negative Crossovers: Today, 18 stocks exhibited a fresh negative crossover on the RSI, indicating a potential shift in momentum to the downside.
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Existing Negative Crossovers: As of yesterday, 19 stocks were already in a negative crossover on the RSI, suggesting that these stocks might be facing a bearish trend.
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Bullish Crossovers: Only 13 stocks are currently in a bullish crossover on the RSI, indicating a positive trend. However, if the bears continue to dominate the market, these stocks may also find themselves in a precarious position.
Though the setup does not indicate the trend reversal, it is a sign of caution on longs.
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