IGI Logo

Nifty

Despite the gradual upmove the index is exhibiting narrow ranged bodies indicating lack of confidence. The resistance zoneof therecentlong bearish bar holds valid as index again closed below the 18865 zone. Its daily RSI is rising above 40 but ADX is graduallyfallingflat&below 35 which are diverging signals on the indicators. Hence the recent pullback looks fragile & could succumb to freshweaknessoncebelow 15465 trendline support while head room remains stiff due to multiple resistance zone at 15865 upto 16130. Decisivebreakoneither side would unlock directional momentum until then expect mean reversion play around the bounds. Ideal to redeployaggressiveshorts once near the upper range of the range until 15865 resistance holds on a closing basis & review themonce the indexslideslowerbelow 15465. Pullbacks within the oscillating range are expected to remain fragile which could culminate into a blowoff of thepullbackrally as we enter the final legs of the june expiry.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx

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