Nifty - RSI Points to Range-Bound Trading

[bbrijesh]

The Nifty 50 index recently staged a strong comeback, rallying from 23,300 to 24,700 levels. However, technical analysis suggests that the momentum might be waning, with the index potentially entering a period of range-bound trading.

We are glad many of you are following the Bold Bulls Setup of Monthly, Weekly and Daily RSI.

Monthly RSI: At 68, the monthly RSI indicates a bullish long-term trend and the uptrend for the Nifty remains intact.

Weekly & Daily RSI: Both the weekly and daily RSI are trending below 60, around the 50 level. This signals a neutral stance, suggesting that the current momentum might be losing steam.

Bulls would need to drive the market higher with a more decisive and rapid move to regain control and resume the uptrend. Until then, the Nifty may consolidate within a defined range, and traders should focus on stock-specific action.