NIFTY
Nifty has tested as lows 8800 level and has bounced back to 9090 today. Today, we have close comfortably above the 9000 level and the next immediate zone of resistance is - 9100 to 9150 .
This is the first big green candle we have seen in the past more than 2 weeks. If market is inherently weak then we should see a sell off soon but if we do not fall in the next few days immediately then we can see some small upside rally. Anyhow, any such rally may be bull trap also so keep that in mind while going long on the current market.
If we break below 8900 level again, then we will see a BIGGER sell off this time, so watch out for that scenario.
Daily RSI
Nifty - 47.25 - Neutral
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