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Nifty - RSI Points to Range-Bound Trading

Scheduled Pinned Locked Moved Charts
niftybold bullsrsi
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  • Brijesh Bhatia Offline
    bbrijeshB Offline
    Brijesh Bhatia

    Pro User

    wrote on last edited by bbrijesh
    #1

    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.

    Nifty_18-12-2024.png

    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.

    Regards,
    Brijesh Bhatia,
    Definedge Forum.

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