Nifty witnessed an `Inside Bar` formation within the ongoing cluster of narrow ranged bodies - Tradebulls Securities Pvt Ltd
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Yesterday Nifty witnessed an ‘Inside Bar’ formation within the ongoing cluster of narrow ranged bodies. It continues to face profit bookingathigher levels but maintains its closing above its 5 DEMA support level of 23480. The consecutive occurrence of narrow ranged candlestickbodieswarrant caution at higher levels with an expectation of rising volatility. Indecisiveness and lack of confidence are indicated by therepeatedrecurrence of "Doji" formations. A clear breakthrough over 23560, however, would trigger some momentum play & help the index scaletowards23900. The 23280 level is currently the best place to assess the continuation of the bullish trend, while a sustained rise over 23560mayencounter additional hurdles as well. For this series, options data shows a confident writing base around 23000 and a strong upper boundat24000. Weekly options data for today indicates an immediate range of 23400–23600 with 23500 being the probable expiry zone. Tradersmayutilise intraday dips to add longs until 23280 holds; while aggressive longs may be opted only once the index registers a firmcloseabove23560,for traders to pursue breakout moves towards 23900.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
![](https://portfolio.investmentguruindia.com/uploads/news/india22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Manish Chowdhury.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Suman Bannerjee.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/farm22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/karnal22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Economy.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/GV_Singapur.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/fdi22.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
Daily Market Analysis : The markets began the week on a subdued note and ended nearly unchan...
![Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking](https://portfolio.investmentguruindia.com/uploads/news/Broker _26.jpg)
![Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
![Nifty closed below its 5-day moving average support line for the first time in the last 30 trading sessions - Tradebulls Securities Pvt Ltd](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/ICICI Direct IMAGE.jpg)
The index started the session on a positive note - ICICI Direct
![Nifty private sector bank index has closed on a strong wicket and it is expected to outperform in the short term - HDFC Securities](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
![Market Quote : The market`s gap-up opening today, offsetting the losses of the past three days Says Mr. Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com//uploads/news/Broker_8.jpg)
![Morning market quote : The ability of stock markets to climb walls of worries is manifesting clearly in these troubled times Says Dr. V K Vijayakumar, Geojit Financial Services](https://portfolio.investmentguruindia.com//uploads/news/Broker_83.jpg)