09-08-2023 09:32 AM | Source: Tradebulls Securities
Expect the rally to gather further strength in momentum once the ADX too confirms its breakout - Tradebulls Securities
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Nifty continued to add on its strength as it closed the 02nd August GAP window at 19704. Yesterdays price action was also well supported by major banking stocks as Bank Nifty Index too closed above its 45000 hurdle confidently. The consecutive occurrence of long legged Doji candlestick formations did displays a strong comeback from the bulls from the support base around 19500. With the now price trending above its 5- & 20-days EMA with its trend strength indicator RSI moving above 64 is a dependable sign of continued strength. ADX on the other hand is about to break above its 25 level while its +DI line has been confidently trending above 33 level. Expect the rally to gather further strength in momentum once the ADX too confirms its breakout. With the base now elevated to 19500 declines if any should be used to add longs for an eventual swing towards 19991 with a minor hurdle around 19830. Short term momentum longs could be maintained with a fresh stop below 19550 on closing basis.


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