IGI Logo

Nifty

Index has been holding near its immediate resistance zone of 18140. Yesterday we saw a narrow-ranged body formationfarawayfrom its 5DEMA level of 17960. With its trend strength indicators trending close to their overbought zone, there is apossibilityofa pullback towards the psychological support zone of 18000. Options data at the beginning of the May series states 18000 followed by 17800 to remain a prudent support while upside to remain open towards 18300. With no signs of divergenceorexhaustion on its absolute price scale the setup looks confident for an extended rally towards 18300 but post a pullbacktowards18000 zone. With its weekly data retaining its strength, the positive crossover of its 5&20 WEMA is an added confirmationofsustained strength to continue. Hence traders are advised to retain & rebuild longs on a pullback until 17780 holds

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838 

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