The index is trading in a channel and is expected to move in a channel, the index has followed the channel very beautifully without any fake breakouts moving very swiftly.

There are till now 4 touches to the channel 2 on the top and 2 on the bottom.

A shortfall was seen in the channel recently but was not followed by the indicators due to which the strength of the move was not strong and again we saw a move in the same direction. There is a selling opportunity here with a SL 12100, the index can move towards the bottom line of the channel. It is better not to trade in a channel as the risk is high but as we know if there is no risk there is no high return. But the plus point what we have here is our oscillators and the indicator is respecting the move i.e. following the price action.

MACD is trading below 0 and a crossover was seen at higher level

RSI is following the price and is expected to do so.

Slow moving EMA has crossed the fast moving EMA another sign for sell.

Sell

Jul 30 2021

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