IGI Logo

Nifty

Nifty again retraced back from the resistance zone around 19500 to end the session marginally above its 5 DEMA support zonearound19370. The recent bullish candlestick reversal pattern support base is placed at 19300 within a close proximity of this 5DEMAsupport.Hence the index has multiple support zones going forward; but it needs a decisive close above 19560 thresholds to reinstatethebullishmomentum. Until then expect the oscillation to continue within the ongoing range of 19560-19220 itself & the neutral biastoremainconstant. Although both of its trend strength indicators have been hovering close to their respective overbought zones, noconcretesignals of weakening have emerged yet. It is good to take into account 19300 as an immediate stop loss zone for momentumtrades.Abreakthrough over 19560 would, however, increase the strength for a consistent advance in the direction of 19740 to 20150. Therefore,momentum traders may choose to reduce their long holdings if 19300 is broken during the week. Aggressive leveragingshouldbeavoided until a time and price correction is finished or the index breaks out above 19560. For today’s Nifty expiry, 19350remainsastrong support followed by 19300 while upside remains capped at 19550. Likely expiry range stands at 19450-19500 itself whichcanwitness a dramatic change in case 19560 is breached in the second half of the day.

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