Today the fight was between 9258 and 9344. Bulls wanted a closing above 9344.And bears wished to pull it below 9258 and take it close to 9100.They nearly succeeded in pulling the index down and somehow bulls managed to bring it into the 9258 -9344 zone. Still it was advantage sellers even though Nifty closed 65.30 points in the positive.
Let us look at the 14 Day Rsis for various time periods.
5 Min RSI is in positive zone at 50.89
15 Min Rsi is also positive at 47.93
60 min Rsi is mildly positive at 41.83
Day RSI is at 49.59 -positive
Week RSI at 37.91 is negative
Monthly RSI at 39.88 is also negative
So, more headwinds in larger time frames.
With Sun in Aries in Bharani, Venus in Mars star in Taurus, and Moon coming to Scorpio, market could form a minor top by the later half of Friday, May 08th and start to decline again...Most probably this could coincide with the declining effects caused because of Saturn, Venus and Jupiter turning retrograde between May 12 to 15th.
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