Broader strategy remains the same holding existing longs with a revised stop above 17488 - Tradebulls Securities
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Nifty
Yesterday’s post Mahurat session saw some profit booking as Nifty moved lower towards 17650. Nifty formed a ‘Bearish Marubozu’ candlestick formation which is a first sign of exhaustion. Since the index has managed to maintain its lows above its 5DEMA zone (17593) it still cannot be concluded as a firm reversal formation. On the flip side occurrence of multiple bullish reversal formations throughout the rally from 16747 base has been gradually evaluating the base higher which is now placed around 17430. The trendline support now stands at 17600 just above its 5 DEMA Highlighting the elevated support base ahead of the monthly October expiry. Derivatives data for the day now indicates 17600-17700 as an immediate base while 18000 holds the highest CE writing bound which is likely to act as a strong resistance. 17800 too could remain significant strike to track as it did see some significant buildup during the week. Unwinding above the same could be necessary for sustenance of any up move above the same. Broader strategy remains the same holding existing longs with a revised stop above 17488 on a closing basis until a perfect reversal formation is displayed by the index near any resistance zones until 18000- 18100.
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