1-Averages- Nifty is below all the main averages. It is showing complete weakness because Nifty is below 55-Week EMA AND Nifty has to sustain above it for any sustained rally.Rally begining will get confirmation after moving above 5-Week EMA. As showed complete weakness therefore suggesting minimum a relief rally.
2-Bollinger Band- Lower band is sliding with the fall of Nifty value and Nifty is below lower band for the last 2 weeks. As strong buying may push if price is well below lower band therefore showing up moves possibilities.
3- MACD- Both lines are sliding in near zero line and gap increased between both lins therefore upmoves indicating to converge both lines.
4-ROC- Positive divergence in oversold zone therefore suggesting upmoves possibilities
5-RSI- In oversold zone and moved up last Ftiday therefore suggesting upmoves possibilities
6-Slow Stochastic- Very short term indicator and not habitual to live much time in oversold zone but stayed for the last 4 weeks and signalling rally possibility any time
7-William %R- Very short term indicator and not habitual to live much time in oversold zone but stayed for the last 5 weeks and signalling rally possibility any time
conclusion from Weekly Indicators and Averages Analysis
Completely oversold Indicators and Nifty below Bollinger Band are showing pull back rally rally and bounce back confirm possibility. Expected that up moves will be seen in Indian markets for indicators to recover and normalise oversold indicators.