IGI Logo

Nifty

Index continues to oscillate within the Channel formation with bounds placed at 18250-17850 while breakout levels are placed at 18300 & 17800 respectively. With its momentum strength indicators flattening its ideal to resume aggressive positions once outside the expected range. Both trend strength indicators are diverging while there is no sign of any firm reversal formation to conclude termination of the existing move. The oncoming truncated week may witness momentum only once outside the key range of 17800- 18300 & hence directional leverage positions should only be considered post the price closing outside the range on either side. Until then short term traders should adhere to long short opportunities until a clear bullish reversal pattern signs occur. While investors could initiate staggered longs in selective pockets of strength where trending bullish sequence remains intact on their broader structure. For the day expect momentum only incase 17800 is breached else expiry range is placed at 17850-17930 itself while BankNifty may witness slippages incase 37888 is breached. Key support for the index stands at 37888-37480 where the index may witness exhaustion of the ongoing declining move.

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