IGI Logo

Nifty

Nifty approached its breakout zone with low conviction as it still displays multiple narrow ranged bodies near 18200zone.But Its trend strength indicators are still complimenting the ongoing up move with ADX trending higher aroundits31level while RSI is yet to hit its overbought zone. The ongoing sequence of gaps is yet to witness an ‘ExhaustionGap’; whichcould eventually establish a probable top once confirmed. Option data compliments the ongoing up move as 18000couldretain its strength as a dependable base while unwinding above 18200 should push the index towards 18500whichremainsa strong headwind zone for this weekly expiry. On the broader scale area around 18300 has remained as a supplyzone.Hence though we are yet to witness any distortion or diverging signals within the ongoing trend its ideal toremaincautiousonce around 18300-18460 zone where booking profits could be healthy, but avoiding any fresh leverage oneither sideshould be one’s priority.

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