NIFTY Daily Candlestick Technical Analysis
The post-demonetisation rise in NIFTY is baffling. Most companies and sectors are struggling, some have gone flat tyre, and still the share market is behaving like it is in an overdrive. What to believe? I have done detailed analysis and am basing this on a single but dependable old warhorse, the RSI.
On the daily chart, since mid-Jan, we notice that NIFTY is rising but RSI is falling, each NIFTY higher high corresponds with a RSI lower high. This is not a good sign about the strength of the market. I would still be cautious to believe in the market rise.
NIFTY Daily Candlestick Technical Analysis
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