Index has been holding well above its 5 DEMA level which is now placed around 17888 - Tradebulls Securities
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Nifty
Index has been holding well above its 5 DEMA level which is now placed around 17888. Despite an overbought readingonitstrend strength indicator RSI & ADX still away from its 40 level (historical level of exhaustion of momentum). Options dataatthebeginning of the May series states 17800 to remain a prudent support while upside to remain open towards 18300followedby18500. With no signs of divergence or exhaustion on its absolute price scale the setup looks confident for anextendedrallytowards 18130 followed by 18300 during this truncated week itself. Weekly positive crossover of its 5&20 WEMAisanaddedconfirmation of sustained strength to continue. Hence traders are advised to retain & rebuild longs until 17780 holds firmforanupside move initially towards 18300 followed by 18500 which could be witnessed during the early part of this series itself.
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