this fall could take a bit more time, then drawn on chart, but from chart we could clearly see that nifty energy is overvalued.
in all time frame, the rsi currently is at 60, the average, or the mostly rsi being in the chart is around 50. although, it has been falling, and yet following a triangle pattern. there could be a downside, fall.
the dark black line is the trend, which is drawn from 2004''s trend till its ATH.
the trend should be followed by the indices. adani stocs could fall, they have made the index to go a lot upside, in the short term, there could be a lot volatility, and in coming months, the index may falling by 13%.
reliance is somewhat discount(weightage- 35% in nifty energy),
NTPC also fall in a good amount.
in 5 year time frame, rsi is also showing a good trangle pattern. if any breach on downside of support, will result in start of bear market, for nifty energy.
i am saying volatile because
reliance is discounted, NTPC, could go up by 5-7% then fall, and adani stocks are rarely unpredictable, so this may cause the index to move up-down, causing volatility, but in longer term, it looks overvalued, and will fall about 13%.
in all time frame, the rsi currently is at 60, the average, or the mostly rsi being in the chart is around 50. although, it has been falling, and yet following a triangle pattern. there could be a downside, fall.
the dark black line is the trend, which is drawn from 2004''s trend till its ATH.
the trend should be followed by the indices. adani stocs could fall, they have made the index to go a lot upside, in the short term, there could be a lot volatility, and in coming months, the index may falling by 13%.
reliance is somewhat discount(weightage- 35% in nifty energy),
NTPC also fall in a good amount.
in 5 year time frame, rsi is also showing a good trangle pattern. if any breach on downside of support, will result in start of bear market, for nifty energy.
i am saying volatile because
reliance is discounted, NTPC, could go up by 5-7% then fall, and adani stocks are rarely unpredictable, so this may cause the index to move up-down, causing volatility, but in longer term, it looks overvalued, and will fall about 13%.