This Week The Nifty Is Likely To Search Support Around 5650-5620 & On The Upside It Is Likely To Test 5730-5750, A Sustained Stay Above 5750, Is Needed For A Long Upmove In The Markets.
The Momentum Indicators (The Most Recent Closing Price To A Previous Closing Price) Are Not Displaying Any Conclusive Picture. While The 14-day RSI (Relative Strength Index) Has Bounced From Close To The Near Oversold Zones, The Markets Have To End Higher On Monday To Confirm A Higher Low For The RSI, Which Would Favour The Bulls. The ADX (Average Directional Index) Suggests That Neither Bulls Nor Bears Hold The Upper Hand,
Further, The MACD (Moving Average Convergence-Divergence) Too Seems To Have Bottomed Out & The Stochastic Oscillator Slow Is In An Extremely Oversold Zone. These Two Momentum Indicators Indicate That A Bounce Is Overdue.
