IGI Logo

Nifty

Despite the occasional profit booking pressure, the index continued to trend above its 5 DEMA support level of 19606. It has beendemonstrating improvement in trend strength throughout as its momentum indicators continued to trend higher despiteof theirrespective overbought reading. The entire pattern resembles a "Bullish Flag" continuation pattern, with the initial target achievedaround 19740 and the second target zone swinging around 19960-20120 which could be achieved in the current expiry itself. Withacceleration in momentum the base for trailing stop loss has shifted higher to 19570 from 19420. Hence momentumtraders maydecideto cut back on their long positions in case 19560 is breached from hereon. Until the index continues to trend above its 5 DEMAsupportone can retain a buy on decline strategy to add further momentum longs for a final pattern target upto 19950-20120 itself whichcouldbe witnessed during the current expiry itself.

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