Nifty is back to its 200 DEMA zone around 16720 with its daily RSI yet below 50 while ADX is cooling off at 38 - Tradebull Securities
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Nifty
Nifty is back to its 200 DEMA zone around 16720 with its daily RSI yet below 50 while ADX is cooling off at 38. Options data for the upcoming week denotes a strong range of 17000-16500 itself with minor hurdle around 16800. Fresh directional momentum could only unlock once above 17000 now, until then expect brief phases of consolidation within this said range with a major support till 16200. For the next few sessions expect more stock specific action while the index rests for commencing its next leg of upmove. With the storm subsiding around Russia – Ukraine its ideal for investors to redeploy their buy on decline strategy to realign their folios with relatively stronger sectors while traders should remain cautious with their leverage longs as volatility still remains high until India VIX quotes above its 25 mark.
Nifty Chart
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