Momentum longs shouldbebooked completely in case 16020 is breached from hereon - Tradebull Securities
Nifty
Nifty sustained well above its previous days low and registered a close above its 200 DEMA level of 16520. The proximitytowardsthe upper end of the ongoing channel pattern coupled with its trend strength indicator RSI approaching its overbought zoneisacautionary signal. Though there is no sign of exhaustion or reversal yet on its lower time frames its ideal to retaina trailingstopstrategy. Options data saw higher shifting of strikes as max call open interest is seen at 17000 strike with 44.11 lakhcontractswhich will act as a stiff resistance for the July series while 16000 strike holds the base firm. Nifty Put Call Ratio toois at 1.47closeto its overbought reading while the VIX lingers near its crucial support zone around 17. As the index approaches its overboughtterritory with result season picking pace its ideal to book profits during this course upwards where ever necessary andavoidleverage until a meaningful pullback move is not witnessed within the ongoing channel pattern. Momentumlongs shouldbebooked completely in case 16020 is breached from hereon.
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