IGI Logo

Nifty

Nifty continued to retain its strength as stock & sector rotation fuels the ongoing momentum. Since last 5 weeks it hasmanaged to retain its lower range above its 5 DEMA level despite an overbought reading on its trend strengthindicators.Onthe price scale the occurrence of a reversal is awaited but the recurring narrow sequence of ranged bodies warrant caution.Its early to decide on a probable top & hence a confirmation on the reversal side would be waited for buildinganyfreshshorts. Only a breakdown below 17780 would signal weakness for a corrective action towards its next critical supportzonewhile the ongoing momentum could push its towards 18060 to 18130 zone. It’s ideal to remain cautious &advisabletodeploy a sizeable hedge against ones existing longs. . Option pain as of yesterday stands at 17900 which couldshift highertowards 18100 for Nifty. For Bank Nifty the option pain is placed at 39300 which is expected to drift towards 39800-39900zone.

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