Nifty Analysis for 20/12/19
Nifty posted new all time high of 12268.35 but still showing UP indication in all 6 indicators in our #share #analysis #software. Stochastic is 98.02 which is in extremely overbought condition. Only weakness is shown by MACD which has made lower top when Nifty has made higher top, but still it is saying UP. Refer to this picture of our share analysis software. In which you can clearly see in bottom chart that MACD has made lower top than Nifty.
BankNifty has given Key Reversal Sell signal in our share analysis software. Normally BankNifty reacts first and if that is confirmed then Nifty follows. So it is quite possible that wave 1 of 5 is going to end. Uptill now wave 1 of 5 has given 446 points. But unless and until we get confirmation we cannot say that wave 1 of 5 has ended. So let us watch for that.
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Nitin Shripad Joshi