A pullback towards 17340 could cool off some momentum which should act a dependable support for the week -Tradebulls Securities
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Nifty
The expected move towards 17780 has unfolded well with its trend strength indicators now moved into their extremeoverbought zones. Daily RSI at 81 with ADX above 55 is a sign of extreme optimism. On the price scale the occurrenceofareversal is awaited but the recurring narrow sequence of ranged bodies warrant exhaustion. After the stunning8weeksrallyit’s time to book profits & avoid aggressive fresh positions from here on until the index witnesses a sizeable priceortimecorrection. Its early to decide on a probable top & hence a confirmation on the reversal side would be waitedfor buildingany fresh shorts. A pullback towards 17340 could cool off some momentum which should act a dependable supportfortheweek. From hereon it’s ideal to remain cautious & advisable to deploy a sizeable hedge against ones existing longs.
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