IGI Logo

Nifty

Index slipped back below its 5DEMA again as it serves as a confirmation of ongoing weaknesstopersisteven during the truncated expiry week. Its trend strength indicators continue to remainintheirrespective negative zone with RSI displaying a bearish signal while ADX continues to trendhigher. Ontheprice front the ongoing oscillation within the 15MAR trading range now looks mature for afreshbreakdown which could instantly push the index towards 16770-16600 support zone. Ontheflipsidetheindicative resistance remains firm as 17240 which also serves as a stop loss level for any pullbackopportunities arising during the week on a closing basis. Hence traders should continue toaddfurthershorts until a firm reversal is established above 17260 or near 16600 base support.

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