NIFTY consolidating with fresh bearish biasness.

By the end of the trading session on 16th Jan we anticipated progit booking and hence bearish sentiment on NIFTY (Red lines on the chart below). On the 17th Jan we saw that happening when NIFTY closed 15 points lower. At the end of 17th Jan we could spot a regular bullish divergence (green lines) which helped NIFTY to go up in the previous 2 trading session with a net 37 points gain.

At the end of yesterday 19th Jan closing we spotted a regular bearish divergence between 16th and 19th Jan (Black lines) which indicates another round of profit booking on the card.