IGI Logo

Nifty

Index achieved one of its pattern target (17170) in time. We did witness some profit booking near the same which could be attributed towards rotation of strength within sectors with Nifty Bank taking the lead from Nifty IT but there is no sign of any reversal formation on its daily scale. Both its oscillators have been quoting in their respective overbought zones but there are no traces of divergence in strength or weakness. With its trading base now been elevated higher towards 16680 from 16550 which now could act as a trading stop for momentum longs. Pattern targets on the higher side remain intact around 17600 (Upper end of rising Channel) which remain valid until 16360 holds for the coming months. For the day the index could remain oscillating within the expected trading range of 17070-17170 while its expected expiry zone as per its pain zone stands 17100.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer