Nifty Analysis
On weekly Charts
there is clear underperformance compared to S&P 500
Relative Strength trendline is broken and lower low formed
There is RSI divergence and formation of flag like raising channel
Indicators hinting to weakness and thus channel break on downside shall bring meaningful correction
Daily Charts
MACD shifted to negative
there are multiple support zones near 21600, 21000 etc
As far as resistance goes its directly at 22795
there is clear underperformance compared to S&P 500
Relative Strength trendline is broken and lower low formed
There is RSI divergence and formation of flag like raising channel
Indicators hinting to weakness and thus channel break on downside shall bring meaningful correction
Daily Charts
MACD shifted to negative
there are multiple support zones near 21600, 21000 etc
As far as resistance goes its directly at 22795
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