Bearish RSI divergence in Nifty, indicating a potential decline!

8 Eyl

• Since October 2023, Nifty has demonstrated a robust upward trend, reaching an impressive peak of 25,333, marked an all-time high.
  
• However, the index has recently faced a setback, pulled back from this peak and currently indicating a downward movement.
  
• A significant bearish RSI divergence is evident on the daily chart, signaling a further potential decline for the index.
  
• On the downside, important support levels are lies between 23,900 and 24,100.
  
• It is crucial to recognize that a break below this support could lead to a significant drop in the index.