Budget trading with clear bounds visible at 18000 remains a strong hurdle while 17710 -Tradebulls Securities
Nifty
Occurrence of a classic ‘Long Legged Doji’ near the upper end of the range; warrants caution. Thoughthewider range established on Budget trading with clear bounds visible at 18000 remains a stronghurdlewhile17710 a critical mid-range support below which the base is placed around 17350. Withnoclearreversalpattern formations on its daily nor weekly scale; which indicates that the pullback could remaintemporary.Both its trend strength indicators still remain diverging with RSI rebounding towards its 50level whileADXdeclining below 25. Hence its ideal to deploy & adhere a mean reversion stance while deployinganyfreshlong short positions. Aggressive positions could be avoided until a confirm break of the rangeisevidentoneither side or on an occurrence of a clear decisive reversal pattern formation with right characteristicsisevident on its daily or weekly scale.
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