IGI Logo

Nifty

Nifty again retraced back from the resistance zone around 18900 falling short of a life high by 2 odd points. The recent Occurrence of a ‘Bullish Hammer’ candlestick formation which is a positive signal versus the prior negative formation ‘Dark Cloud Cover’ would keep the market in a worrisome state. Both the reversal pattern needs confirmatory close on either side of the said range of 18710-18910 for the momentum to shift. Immediate option bounds remain narrow at 19000-18800 as the range shifts higher with progressing time. Its trend strength indicators compliment the ongoing up move to continue as its RSI remains oscillating within its 70-60 zone while ADX is trending upwards well at 37. The failure of recent bearish candlestick reversal formation would again be a sign of ongoing strength & sentiment prevailing in the markets for a fresh life high. Price unfolding on either side would lead to further unwinding pressure unfolding into fresh momentum. Hence, we advise traders to retain longs with a major breakdown is evident below 18605 while upside could extend further once beyond the 18910-19000 cluster gets breached

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