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Nifty Chart

Index smartly holds above its 5 DEMA which is placed now at 17505. The rebound post the bullish hammer formation is a good sign of confidence for the index to scale towards fresh life highs. The ongoing higher top – higher bottom sequence remains potent until the index retains its close above 1721 0 (20 DEMA) .

Despite the bearish move at the beginning of the week there was no reversal formation registered on its daily scale while its trend strength indicators remain a bit diverging due to its overall overbought reading. For the day expect trading to remain confided within 17755-17505 range with likely pain around 17700-17750. While the momentum in banknifty holding above 37355 could unlock fresh short covering led momentum towards 37600-37780.

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