IGI Logo

Nifty

Nifty formed yet another bullish reversal formation near its 200 DEMA support zone. Occurrence of the‘BullishHarami’followed by the recent narrow ranged ‘Spinning Top’ is a sign of hope that the index holds the recent swing supportwellat16840. On the flipside headwinds around 17300 remain strong for the final leg of the series. Both oscillatorsareplacedneutral-negative & require substantial moves to turn fairly bullish hence its ideal to avoid leverage on either side. Astheinitial price action is exhibited near the previous weeks Dojis lower range. Weekly scale clearly states that traders shouldawaitfor a clear directional move outside the Dojis range to redeploy leverage. Oscillating price action expected to continue duringthefinalleg of the series; one can maintain a long short strategy until the scenario turns from neutral-negative to neutral-positivebothontheindicators as well as price. Ideal to refrain from aggressive positions until the index continues to oscillate within the weeklydoji rangeof17420-16820 or go contra once price swings around its thresholds as been reconfirmed by yesterdays price reversal formation.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer