IGI Logo

Nifty

Nifty closed below its 5 & 20 EMA but yet to slip below the crucial 17710 level below which the slippagestowardsits 200 DEMA level of 17570 could be rapid. The wider range established on Budget trading with clear bounds visible at 18000 remains a strong hurdle while 17710 a critical mid-range support belowwhich themajorbaseisplaced around 17350. With no clear reversal pattern formations on its daily nor weekly scale; which indicates that the pullback could remain temporary. Both its trend strength indicators still remain diverging with RSI rebounding towards its 50 level while ADX declining below 25. Hence its ideal to deploy & adhere a mean reversionstancewhile deploying any fresh long short positions. Aggressive positions could be avoided until a confirmbreakoftherange is evident on either side or on an occurrence of a clear decisive reversal pattern formationwithrightcharacteristics is evident on its daily or weekly scale.

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