Multiple narrow ranged candles around its 5 DEMA support zone around 17300 - Tradebulls Securities
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Nifty
Multiple narrow ranged candles around its 5 DEMA support zone around 17300. Options data indicates strong PE writing around 17200 while upside remains capped around 17500. Its trend strength indicators are placed in their respective overbought zone but none have any signs of divergence or weakness yet. Even on its price scale it has not displayed any signs of weakness or traces of reversal formation yet. A sustained breach above 17440 would trigger the next leg of momentum towards 17600 cluster for the month. Trading base now been elevated higher towards 17140 from 16980 which now could act as a trading stop for ongoing momentum longs. Pattern targets on the higher side remain intact around 17600 (Upper end of rising Channel) which remain valid until 16980 holds for the coming weeks ahead. Sector rotation remains the key for the sustenance of this ongoing trend strength which may continue to surprise throughout the series. With banknifty taking the lead alongwith PSE stocks the focus would remain to participate the ongoing upmove via stock specific opportunities. For the day the 17450 remains the trigger above which some abnormal move could be expected else expect 17350-17450 remains an ideal zone for todays expiry play. While Banknifty 36800 remains the key pivotal zone which could shift base once 37000 is breached during the day.
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