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Long Term and Intermediate term trends are up and very short term trend is down.
Conclusions from Daily Indicators and Averages Analysis
1-Averages- All(8,21,55,200) the shorter term averages are above longer term averages and Nifty is above all.It is Bullish market confirmation.
2-Bollinger Band- Upper Band moved up with Nifty rally and gap between both bands expanded. Squeeezing of both bands is technical requirement. It is the nature of Bollinger band that price tends to return to the middle of the bands and Nifty retracement toward the middle of Band is possible which is near 5700.
3-MACD- MACD Line is above Average Line and gap increased in both lines therefore convergance in both lines is technical requirement. Nifty down move has begun in previous week and more down move is also possible in the process of convergance.
4-ROC- is retracing and equalibrium line testing possibility can not be rules out in correction process.
5-RSI- is retracing from overbought zone and equalibrium line testing possibility can not be rules out in correction process.
6-Slow Stochastic- very short term fast moving indicator and both lines have started to move down from overbought zone and indicating more down moves
7-William %R- very short term fast moving indicator and in overbought zone. It has tendency to remin overbought. As other indicators are also indicating correction therefore its dipping from overbought can not be ruled out.
Conclusion
Correction begun in previous week and insicators are suggesting its continuation in the coming week