IGI Logo

Nifty

A stellar rally continues as Nifty trades comfortably above 17800 mark. With no signs of price divergence or exhaustion on its intraday scale wrt to its oscillators; its likely that the index may visit the key 18000 mark during the week itself. Its daily RSI has been trending well higher while its ADX is now approaching its breakout zone. Sustenance of the same above 25 would amplify the momentum further while the floor seems firm at 17620. Options data indicates bounds at 18000-17700 for the week despite its PCR at 1.57. Healthy sector rotation is expected to keep the on-going momentum steady as the baton seems passed to rate sensitive sectors from defensives which could see the index scale higher towards 18000-18100 zone. Strategy remains intact to keep buying with a stop below 17230 for positional swings while momentum could be participated with a stop below 17620 from hereon.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer