Is there a possibility of revival in Nifty and Bank Nifty?

Genuinely, it is very early to take sure shot bet on Nifty or Bank Nifty. As depicted in attached chart, both Nifty and Bank Nifty moved below its major 200-day EMA, but there is clear cut positive divergence in both these charts, whereas CNXIT shows neutral sign as on date.technical analysis on nifty-way2profits technical analysis on bank nifty-way2profits

Keeping above facts in consideration we should not bet aggressively on market, because shorts will also not give you some outstanding results, and to turn bullish again we need some confirmations.

How we get confirmation then?

Keeping expiry day in consideration, we should avoid trading or take lighter positions. To confirm positive divergence nifty and bank nifty should give some reversal signal first. Firstly, it should not make lower lows to confirm divergence and next it should move above major average.

Nifty should move above 5720 and Bank Nifty should move above 11600.

Please understand that, it is not necessary that prices should honor every divergence, so there is equal chance that divergence can be negated and prices can move lower further, so don’t be overconfident.

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