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Nifty

Index witnessed some selling pressure as it approaches the expected resistance zone around 17910-18020 which also corresponds with the weekly channels upper bound. With its trend strength indicators diverging from each other it’s ideal to remain cautious & wait for clarity to evolve on the price action.

As of now the index is holding well above its 5DEMA while there is no evidence of a price reversal formation. Its 20 DEMA support looks firm around 17140 with multiple price evidence supporting a probable of area of arrest incase if the index witnesses’ some profit booking due to sector rotation. For the week its ideal to remain cautious & deploy some hedge strategies as the resistance zone looks approaching soon.

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