Nifty faced profit booking pressure around the 18400 level - Tradebulls Securities
Nifty
Nifty faced profit booking pressure around the 18400 level but managed to. close above its 5 DEMA support of 18250. It againformedanarrow-ranged body post the long shadow formation which augurs well for the denoting diminishing strength on higher levels. 18340-18500 remains a caution zone immediately while its critical support for the week stands at 18060 itself; but even for the day18230should be a key support for gauging ongoing momentum. Its daily RSI has been indicating loss in momentumbut the recent narrowcandle also displays divergence signs & hence a close below 18230 from hereon could lead the index lower. Hence investors areadvisedto monitor market movements closely for next few days. While traders should focus on the 18230 support for the day as akeypivotallevel for change in momentum; but continue to hold longs until 18060 holds as sector rotation due to earnings momentumremainsstrong.
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