IGI Logo

Nifty

Yesterdays ‘ Doji’ formation post the Engulfing Bearish formation denotes a no trade zone within 18130-17820. An eitherside breakout from the same could dictate the trend of the final leg ahead of the big event day. As of nowbothtrendstrength indicators are advocating weakness to persist as ADX continues to trend higher near its 40 level whileRSI isstill lower below 50 & heading towards its oversold zone. Ongoing breakdown from a ‘Bearish Flag Formation’ wouldbenegatedonce the index registers a close above 18180 level. Until then remain cautious on pullbacks. Short termtraders toremainextra vigilant while deploying shorts with volatility expected to rise; pullbacks should be utilised to deploy shorts until afirmreversal formation is evident at least on its daily scale before hitting the expected target zone near 17550. For the day expect leadership from Nifty bank once the index breakouts from the said range of 42200-42600 while its broadrangestands at 42800-41600 itself.

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838 

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