Nifty has formed bearish engulfing on daily basis and shooting star in a weekly chart.
Dual bearish candle at downtrend line showing weakness in Nifty.
RSI is in overbought zone and now started moving down from above 80 to 70 level.
Short term trend is still bullish but below 17700 or breaking below regression line, trend will reverse.
Nifty Short below 17700
Stop Loss above 18000
Target 1 - 16800
Target 2 - 15200
Dual bearish candle at downtrend line showing weakness in Nifty.
RSI is in overbought zone and now started moving down from above 80 to 70 level.
Short term trend is still bullish but below 17700 or breaking below regression line, trend will reverse.
Nifty Short below 17700
Stop Loss above 18000
Target 1 - 16800
Target 2 - 15200