RSI reflects opportunities of Buy and Sell whenever a stock/index exhibits a decent formation.
The Nifty IT index has broken crucial trend-line support of 15,900 on closing basis with RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) suggesting a negative trend
MACD crossing above MACD baseline means a positive trend will emerge for the stock/index going ahead.
Till the Nifty is trading above 10,600 levels, one should not be negative on the overall trend. Every dip should be seen as a buying opportunity with an intention to stay in trade
As per the Elliot Wave Theory, we are in the fifth wave of an immediate trend and the third wave of the Big Bull Run.The corrective phase within the wave count includes low of 4,531 and 6,821
When the indices showed correction recently, stocks like Wipro Ltd and Tata Consultancy Services traded with positive bias. Wipro above Rs 270 and Infy above 2100 are seeing breakout levels.
A positive/bullish divergence occurs when the stock price slips lower and RSI indicator starts to rise.
The S&P BSE Sensex and the Nifty50 index are heading towards higher highs, helped by positive global cues. The sentiment stays highly optimistic with support from Bank Nifty and Nifty IT indices.
RIL and HUL announced their third quarter results of FY19 on Thursday. Here's a look at what technical indicators suggest for them and other buzzing stocks
The week gone by witnessed positive sentiment as indices crossed their recent highs, Nifty (10,941) and Sensex (36,446).