Nifty Closed @ 6145 at the verge of breaking all time Highs & every body is excited to go for more. RBI announcement is on Tuesday & the Technicals of Nifty as well as few major Stocks are indicating a Reversal from current Position.
Lets look at the Daily Chart-
1) RSI has given a small yet Powerful Bearish Divergence (although it happens in Strong Trend also)
2) MACD has also given a Bearish Divergence from Previous Top(this has strengthened the RSI indication)
3) Nifty Turning from a Major Decision Point
4) A Gravestone Doji with OK follow up
So all Points concludes not to buy till 6200 is broken with RBI announcement. So conservative traders can wait till Tuesday. Our take is to
SHORT NS below 6100, TGT - 5700, 5600 , SL 6175
Lets look at the Daily Chart-
1) RSI has given a small yet Powerful Bearish Divergence (although it happens in Strong Trend also)
2) MACD has also given a Bearish Divergence from Previous Top(this has strengthened the RSI indication)
3) Nifty Turning from a Major Decision Point
4) A Gravestone Doji with OK follow up
So all Points concludes not to buy till 6200 is broken with RBI announcement. So conservative traders can wait till Tuesday. Our take is to
SHORT NS below 6100, TGT - 5700, 5600 , SL 6175
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