Nifty @ 50DEMA, But.......

[bbrijesh]

The Nifty is managing to hold on to the higher levels, but the broader market is clearly feeling the heat from the bears.

The 50-day Exponential Moving Average (DEMA) is acting as a crucial support zone, with the index hovering right around it.

However, the bigger worry for the bulls lies in the Bearish Range Shift on the RSI. Although some might argue for the Positive Reversal theory, but this theory would come in the picture if the price action convincingly reversed. As of now, that confirmation is still missing.