Drowning Optimism for Nifty Bulls
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In yesterday's session, the Nifty index witnessed a momentum shift as bearish forces led by the banking sector.
A glance at the daily chart of Nifty reveals concerning indicators for bulls. The emergence of a doji candlestick pattern, coupled with a bearish momentum, paints a gloomy picture for those who were hoping for a sustained upward trend. Furthermore, the Bearish Three Line Strike candlestick pattern yesterday that followed is a clear signal of an impending bearish reversal.
Adding to the bearish outlook is the convergence observed on the Adaptive Relative Strength Index (RSI). This technical indicator, which measures the trend's strength and momentum, shows signs that the once-dominant bullish sentiment is fading. If the bearish crossover on the Adaptive RSI triggers, it will be the icing on the cake for bears.
The primary driver behind this bearish momentum is the banking sector. As a leading indicator for the overall market sentiment, the weakness in banking stocks is a cause for concern.
Are You Trading Nifty or Focusing on Individual Stocks?
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Very much true Sir...Use of default Adaptive RSI settings?
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@Rajeev Talasikar Adaptive RSI - 14,9
