Nifty has to deal with a bearish engulfing candle after a Doji.

Nifty formed a bearish engulfing candle after Wednesday's Doji.

RSI is showing divergence on weekly, daily and even hourly charts.



Two hour chart - EMA on RSI is giving sell signal, too. RSI is below 50 on one hour chart.

11840-12040 is a difficult range to deal with, any decisive move can be expected only once Nifty is out of this range.

Sell below 11960 for a target of 11874-11840 - 11802 levels, with a s.loss of 12028.

Nifty can surprise us in any direction, CAUTIOUSLY BEARISH is the stance for the day.





"Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable and timely "Enter" and "Exit" signals, during the past three months. Please back test yourself - it will give you confidence in trades.

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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
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