A Rise on NIFTY 50 that is worth selling.
As we can see on the daily chart of NIFTY 50, we have been in a sell on rise market. We have approached a very important trendline resistance coming from the highs of 18600. The market can test the lows of 16800 once more. As per rules of technicals, we never buy the first pullback. For the market to be bullish again, it should make a double bottom at 16500 around levels or give a fake breakdown at similar levels followed with some consolidation.
This can also become a breakout if we get a strong green candle breakout of the trendline resistance. I would personally not trust the breakout in this case. The market has not given a fall as yet because of the FIIs and DIIs being inactive due to the holidays season. Some kind of selling should be seen as per me in the coming week.
Therefore, NIFTY 50 still seems like a sell on rise to me as per the technicals.
This can also become a breakout if we get a strong green candle breakout of the trendline resistance. I would personally not trust the breakout in this case. The market has not given a fall as yet because of the FIIs and DIIs being inactive due to the holidays season. Some kind of selling should be seen as per me in the coming week.
Therefore, NIFTY 50 still seems like a sell on rise to me as per the technicals.
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