`Engulfing Bearish` formation seems to be activated as Nifty registered a close below its 5DEMA level of 17700 - Tradebulls Securities
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Nifty
‘Engulfing Bearish’ formation seems to be activated as Nifty registered a close below its 5DEMA level of 17700. Afurtherdipbelow 17630 in today’s session will activate the move towards 17520. Its trend strength indicators have startedtodeclineasRSI falls below its trigger line at 58. While ADX declined to 33. Options bound display a shift from17800 towards 17700while support remains firm at 17500 for the week. Pullbacks within the range could be utilised to create temporaryshortswith a stop above 17822. It’s ideal to remain cautious while chasing any intraday longs as sector rotational movescouldberobust with midcap stocks likely to display outperformance during the second half of April series. Investors ontheotherhand should continue to focus on relatively stronger sectors & stocks which did well during the last 4-6 weeks toretaintheirrelative price outperformance.
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