NIFTY Trend Today was more of an up and down journey.
In the nifty trend chart, you may notice today 7th May was a shot towards the north.
We saw a great uphill open from the start with a gap up opening of 72 points. Later the bulls and bears compromised as none could hold their positions.
We can also see a greater volume compared to the last few days which signals, the high was a bulls over powering move.
Though we’ve not been successful in holding the nifty trend today, higher, we had a blunt opening.
The nifty trend softened from the highs and went high from the lows to showcase power of bulls and bears nullified.
Technical Analysis Points that Matter in the Nifty Trend Today.
- Fast stochastic is around 75 which means the Nifty Trend is still headed higher with a lot of room for a selloff.
- Slow stochastic is around 63 which means Bull has an upper hand in this snake and ladder game.
- MACD is on a positive note but divergence is over powering MACD which is a worrisome sign showing positivity is negligible or nullified.
- 100 Days Moving Average is a darling which is lending good support and we are unlikely to break the 14500 mark anytime soon.
- 10 days Moving Average is higher that 13 day Moving Average which is a positive sign for the market.
- Nifty has a huge resistance around 14874 and 14995 which means until these hurdles are crossed and closed above, nifty trend would remain capped to 15000 on the top and 14500 on the bottom.
- Nifty has closed as a Doji which means what happens on Monday cannot be guessed as the future of Nifty Trend is dependant on what comes on Monday and Tuesday as a trend.
Having said that nifty trend today was positive and advances and declines supported the cause too.
Happy Trading and Happy Money Making!