Tradebulls Securities (P) Ltd

Published on 20/09/2021 10:11:07 AM

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.

Click Here - https://bit.ly/3EBtSev

Please refer disclaimer at https://www.tradebulls.in/disclaimer

Tradebulls Securities (P) Ltd

Published on 17/09/2021 11:00:33 AM

Nifty

The recent breakout from the short term squeeze has almost reached its expected targets around 17700 for the week. While the flag formation initial targets are placed in the zone of 17840-17990. Despite being hovering within the overbought zone the index further signs of incremental strength as its RSI breached above its previous swing high while ADX continues to trend higher without any signs of exhaustion. Ideally the expansion & a possible continuation pattern / flag formation targets should be met on time. Breach below 17170 would distort the short term momentum while the base seems elevated towards 17380. Pattern targets on the higher side remains progressing higher towards 18000 (Upper end of rising Channel) which remain valid until 17170 holds for the coming weeks ahead.

Click Here - https://bit.ly/3kew5EK

Please refer disclaimer at https://www.tradebulls.in/disclaimer