Daily Indicators and Averages Analysis Chart:-
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Conclusions
1-
Averages(EMA-8,21,55,200)- Nifty moved and closed(5476) above 8 day EMA(5435) but below 21 day EMA(5506) and short term top is at 5518 therefore short term trend is still down.55 day EMA is at 5587 and 200 day EMA is at 5606 and intermediate term top is at 5605 therefore intermediate and long term trends will be up above 5606.
2-
Bollinger Band- Nifty started up moves after getting support above lower band and resting below Mid Line(5502). As lower levels good support therefore testing of Mid Line and Upper Band is possible.
3-
MACD- Both lines are kissing above over sold zone. Average line is flat while MACD line is moving up. Upward intersection of Average line will be upmoves confirmation and it is expected also.
4-
ROC- Positive divergence in oversold area and moving up but below equalibrium line. Although upmoves confirmation will be moving above equalibrium line but expected that Nifty will move above it and will give upmoves confirmations.
5-
RSI- Positive divergence in oversold area and moving up but below equalibrium line. Although upmoves confirmation will be moving above equalibrium line but expected that Nifty will move above it and will give upmoves confirmations.
6-
Slow Stochastic- Very short term indicator and remained almost 1 month in oversold zone and moved above it in previous week. As passed sufficient time in oversold zone and now moved above therefore expected that overbought area will be tested by this fast moving very short term oscillator.
7-
William %R- Very short term indicator and remained almost 1 month in oversold zone and moved above it in previous week. As passed sufficient time in oversold zone and now moved above therefore expected that overbought area will be tested by this fast moving very short term oscillator.
