NIFTY CHART ANALYSIS - POST MARKET COMMENTARY

NIFTY technically looks neutral to bearish. Despite a recovery in the previous session to 22,713.10, the index remains below its key long-term and short term moving averages of 20, 50, 100, and 200 day and geopolitical tensions continue to weigh on sentiment. On the Daily chart of Nifty we can see a RSI divergence as the price is continuing to make lower lows and RSI is making higher highs. Thus technically we may see a change in trend. But, we need to wait for additional confirmations for the trend reversal. Nifty is still trading below the trend line resistance and MACD histogram is still trading below zero. We need to wait for a price break out and MACD histogram move above zero.