IGI Logo

Nifty

Nifty regained its strength to close the day almost near the breakout zone of 18340. It witnessed a strong recovery fromits 5DEMA support zone which is placed at 18230. It again formed a narrow-ranged body with a long shadow post the spinning top formationwhichaugurs well for the denoting diminishing strength on higher levels. 18340 remains a strong hurdle ; unwinding pressure abovethesamecould push the index towards 18500 zone immediately while its critical support for the week stands at 18060 itself; but for theday18230 should be a key support for gauging ongoing momentum. Its daily RSI has been indicating loss in momentumbut therecentnarrow candle also displays divergence signs & hence a close below 18130 from hereon could lead the index lower. Henceinvestorsareadvised to monitor market movements closely for next few days. While traders should focus on the 18230 support for thedayasakeypivotal level for change in momentum; but continue to hold longs until 18130 holds as sector rotation due to earnings momentumremains strong. For nifty the data indicates an expiry zone within 18400-18450 while Banknifty has a strong support at 43300whileupside remains open till 44000.

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