Nifty - The Bearish Exhaustion & Oversold Zone

[bbrijesh]

On the Heikin Ashi daily chart of Nifty50, bearish exhaustion is evident at the support zone of the 100DEMA Channel (created using the 100DEMA High and Low), indicating that bears respect the short-term pullback within the long-term bullish trend.

However, this exhaustion does not confirm a bullish reversal until a Bullish Heikin Ashi candle closes above the 100DEMA (High) at 24,628.

Additionally, the oversold RSI supports the potential for reversal, but awaiting confirmation is crucial.