Nifty engulfed its recent 3 days decline in a single trading session - Tradebulls Securities Ltd
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Nifty
Nifty engulfed its recent 3 days decline in a single trading session as it reconquered its 20DEMA zone &closedabovethesame. RSI rebounding from 50 zone to close at 63 is an optimistic sign while ADX flattening at 32 is also complimentingsignal for ongoing bullish move to extend further. Option data suggests the base at 17500 will provide the necessarysupportfor the day while Highest Call OI congestion is still at 18000 strike which will be the immediate hurdle for theupcomingweek as well. OI PCR is at 1.39 is near the overbought zone with the most active strike at 17700 while significant unwindingwas seen at 17400 & 17300 Call Strikes which compliments the base at 17500 to remain firm for today. For BankNiftyintraday range stands at 39060-39860 for the day with option pain currently at 39300 which should see a dramaticshifthigher while a break above the intraday range could face resistance around 40000 mark which stands withhighest CEOIaswell as PE OI for today.Price wise trend strength will get further better on a break above 17780 while a breakdownbelow17340 again could be lethal. Its ideal to place positional stops below 17320 from hereon for all major longs.
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