NSE NIFTY 50 index on the daily movement of moving in the lower formation is higher than the last two months and has given around 17 percent of returns in a very short span of time. RSI reading above 80 levels on a daily graph is a sign of alarm for bulls because we can see the decline or correction of immediate price. The MACD indicator has also reached above the previous high level and the distance between the polarity line has increased significantly.
On the daily graph, Nifty has formed an alternative bearish shark harmonic pattern near the 17900 level and at present, the price is traded in the PRZ zone. 21-Em has been placed at the level of 17300 and the average trend is still on the slopes up to show an increase trend.
BANK NIFTY
Bank Nifty on the daily graph moves in a high lower formation that is higher than the last two months and has given around 20 percent in a very short span of time. On a daily graph, the price has forming a wax stick pattern struck bearish.RSI reading above 80 levels on a daily graph is a sign of alarm for bulls because we can see the decline or correction of immediate price. The MACD indicator has also reached above the previous high level and the distance between the polarity line has increased significantly.
Bank Nifty on the daily graph has formed an alternative bearish shark harmonic pattern near the level 39500 and at present, the price is traded in its PRZ zone. 21 – EMA is placed at level 37900 and the average trend is still on the slopes up to show a rising trend.
The price consolidated in a very narrow range of levels 360 – 380 for more than three months and forms a consolidated band in daily and weekly graphs. Stock has given a range of escape with a volume above average which shows changes in trends from the side to bullish.
Prices are also maintained above the 21-day exponential moving average placed at level 380.Momentum oscillator RSI (14) Reading in the lower formation is higher higher in the daily time frame. The MACD indicator has passed above its polarity line.