Nifty hit the first expected resistance at 18060 - Tradebulls Securities
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Nifty
Nifty hit the first expected resistance at 18060 & also managed to close marginally above the same. But a narrow-rangedcandlestick formation at the breakout zone indicates lack of conviction amongst traders. With its RSI nearing 70markalongwith a PCR -OI at 1.39 is an overbought sign. On the other hand, its daily ADX is trending well around 27 despitethepriceaction far away from its 5 DEMA zone of 17889.As per the weekly derivative data, the key clusters have witnessedsignificant action as Highest CE OI concentration stays at 18000 while strong additions were witnessed in 18500strikeswhilesignificant PE OI activity at 18000 strike followed by 17900 & 17800 strikes which makes it a dependable support zoneforthis week. Breakout sustaining above 18060 would be keenly monitored as it would unlock a fresh short coveringmovewhich will help the index to reach next expected zone of 18210. Hence traders should retain existing longs &buildfurtheron a breakout above 18060 with a stop at 17540. Once a breakout is confirmed stop loss should be elevatedfurthertowards17780 zone for momentum longs.
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