IGI Logo

Nifty

Accelerated momentum was witnessed during the final hour of yesterday’s session as Nifty surpassed the congestionzonearound 18600-18680 zone which was acting like a strong rejection zone since the beginning of this week.Its trendstrengthindicator ADX has been in conjunction with the ongoing bullish move despite its other strength indicators (RSI) beenplacedwithin an overbought zone. It’s ideal to retain positional longs until a breakdown or a reversal candlestick formationisevident while momentum positions should be restricted temporarily in sync with market sentiments on day-to-daybasis.Onthe broader scale as indicated by the pattern its ideal to exit positions once a breakdown below 17980 is established. Untilthen long short combo should be maintained as volatility is expected to maintain an upper hand throughout theDecemberseries.For the day, Nifty base is now at 18680 with major trading bounds at 18750-19000. Despite the euphoriatheindexmay settle around 18850. Option pain as of yesterday was placed at 18700 which could settle comfortably higher.ForBankNifty option pain is placed at 43100 which could see a shift beyond 43400, the immediate hurdle at 43400 couldactasasupport while major unwinding move would unlock beyond 43800 only.

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