Oversold NIFTY? An upturn on the sight
- Arup Nag
- Nov 16, 2016
- 1 min read
17th November 2016
NIFTY has been hammered in the last few days by the bears due to rising yield in the US bond markets. Yesterday it tried to take a U-turn by opening about 100 points higher but totally failed to maintain that momentum. Towards the end of the day more selling pressure came in and it finally closed very near to the previous closing point. Lets have a look now at the SMT figure in the updated chart below.
Yesterday's candle (circled) is an inside one indicating that uncertainty is still prevailing there with still a bearish bias. However the SMT is already showing a U-turn (circled in the bottom part) indicating the smart money has started accumulating. Hence I am in favour of a bullish bias for today 17th November and will wait to see how the market developes.
Tags: hidden divergence, custom indicator, divergence, proprietary trading, futures, trading, smart money tracker, smart money, nifty, indian stock market, forecasting, regular divergence, derivatives, finance, prediction, options, market analysis