IGI Logo

Nifty

Post the tepid ranged action Nifty formed an Engulfing bearish candlestick formation with bearish outside bar characteristics.Cautiousness was expected post the recent rally as Nifty approached its historical supply zonearound18300.With its ADX trending higher at 28 zone is the only positive amidst the overbought reading on its other trendstrengthindicators. RSI rebounds from the 70 zone while OI-PCR retraced further to 1.13 during the day. It’s likely that theongoingmomentum could stretch itself further towards 18300-18460 zone until 17880 holds.Recent breakout abovethe17880congestions with a GAP displayed the BreakAway Gap characteristics as further unwinding pressure post theimmediateconsolidation could would only unlock once above 18200.Options data for the week clearly stated 18200 toremainsasakeyresistance while the support bound has moved higher from 17700 to 17900 for the final leg. Hence fresh longs tobemaintained with a stoploss now below 17880 & should be further elevated towards 18020 once a close is establishedabove18200

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