Nifty : Negative Divergence on Stochastic

9 apr 2019

Nifty has been adhering to divergence formed in daily Stochastic from last couple of years. Negative divergence has emerged on stochastic on daily chart. Index witnessed correction from 11760 to 11552. We might see sideways to bearish move till the time high is not taken out on daily closing basis. Index is trading in upward moving channel. We would suggest to short Nifty below 11550 with stop loss above 11650 for target of 11300 and 11170.