Nifty has been trending well above its short-term averages without any hesitation - Tradebulls Securities
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Nifty
Nifty has been trending well above its short-term averages without any hesitation despite inching closer towardsthecrucial18000-18060 resistance zone. The recent breakout from a week-long consolidation along with its daily ADXtrendingabove25 is a healthy sign for directional momentum to set in. Its relative trend strength has been good so far as its RSI neverslipped below its 50 mark despite the recent correction towards 17166. Immediate trend is expected to continuetowards18215 zone which could be participated with a trend stop now at 17540. As per the derivative data, the key clustershavewitnessed significant action as Highest CE OI concentration stays at 18000 while strong additions were witnessedin18200strikes while significant PE OI activity at 17900 strike makes it a dependable support for this week. Breakout sustainingabove 18060 would be keenly monitored as it would unlock a fresh short covering move which will help the indextoreachthe expected zone of 18210 ahead of time. Hence traders should retain existing longs & build further with a stopat 17540.Once a breakout is confirmed stop loss should be elevated further towards 17780 zone for momentumlongs
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