Due to its proximity towards the upper end of the weekly channel which is placed around 18140 - Tradebulls Securities
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Nifty
Due to its proximity towards the upper end of the weekly channel which is placed around 18140, the risk to reward equation may not be significant for aggressive fresh longs. On its daily scale we are witnessing a ‘Broadening formation’ with a base close to 17400 which also coincides with its 20 DEMA support level been placed around 17380. A pullback within the pattern would sweeten the opportunity to add aggressive longs with a stop below 17260. With its F&O monthly expiry just around the corner we may witness expiry led volatility to kick in at the beginning of the week itself & hence its ideal to remain cautious & await for better risk opportunities going forward as the sector rotation still remains healthy. The gap area around 17600 remains an ideal zone to realign for the next leg of momentum.
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