For the day 18000 remains a critical juncture above - Tradebull Securities
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Nifty
Nifty closed above its Budget days high of 17972 along with a positive crossover in its 5- & 20-days EMA whichis a good indication of trend momentum. On the downside 17710 remains a critical mid-range support below which the bullish mode would be considered void. Hence stops for trading momentum longs should be placed below 17680. Both its trend strength indicators still remain diverging with RSI rebounding above its 50 level while ADX declining below 20. Hence aggressive positions could be avoided until the follow on move confirms the ongoing break of the range or on an occurrence of a clear decisive reversal pattern formation with right characteristics is evident on its daily or weekly scale. For the day 18000 remains a critical juncture above which expect strong unwinding pressure to lift the index towards 18100-18150. For banknifty 41900-42000 remains a critical hurdle above which expect the momentum to accelerate while 41600-41500remains a key support zone for the day below which the entire bullish equation may fizzle out for the day.
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