This Nifty daily chart shows the 14-day RSI (Relative Strength Index) plotted on the lower half.
The oscillator has nicely consolidated above the 40 mark, which is similar to prices consolidating above the 200 DMA (day moving averages).
The indicator will give early signs of breakout or breakdown.
The next leg preferably on the upside would be signaled once the trend line resistance drawn on the indicator is broken out of.
On the contrary, a low probability break on the downside below 40 would signal further weakness for prices.
Nifty looks set for targets of 5,950-6,000 till 5,150 is intact.
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