Attempt to sustain above its 5 DEMA zone would be jeopardized incase the index slips below 18140 - Tradebulls Securities
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Nifty
Attempt to sustain above its 5 DEMA zone would be jeopardized incase the index slips below 18140. Derivative data suggests upside to remain capped within 18200-18500 itself while key pivotal support for the expiry zone remains around 18100-18000. Series of ‘Bearish Belt Holds’ with the declining strength displayed by the RSI compliments the ongoing weakness to continue further. On a broader note the ongoing price action within the expected range of the broadening pattern of 18600-17600 would qualify as a broad consolidation within the ongoing major upmove. With the result season progressing well expect volatility to remain on the higher side & profit booking led sector - stock rotation to remain high. It’s ideal to remain cautious & avoid fresh leverage longs from here on for a few weeks until volatility settles. Slippages below its 20DEMA zone of 17950 would result into a quick decline towards the lower end of the range placed around 17600-17500 which remains the only ‘Opportunity Buying Range’, until then participating with long short mix could help mitigate risk occurring due to heightening volatility.
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