IGI Logo

Nifty

Nifty is progressing well within the ‘Broadening Pattern’ formation with major bounds placed at 18850-18200 while 18450remainsamid-point for tracking momentum. Last week Nifty witnessed a brief phase of consolidation with no signs of decelerationof strengthasits RSI retains its rising sequence while ADX remained FLAT but above its 25 level. Ideally the consolidation looks like a short-termsqueeze before the expansion. With its trend strength indicators still far away from their respective overbought zone a breakout above18600 option cluster would trigger the next leg of momentum towards 18730-18850 cluster for the month. Trading base has nowbeenelevated higher towards 18400 from 18200 which now could act as a trading stop for momentum longs. Pattern targets onthehigherside remains progressing higher towards 18850 (Upper end of Broadening) which remain valid until 18200 holds for the comingweeksahead while momentum longs to be held with a stop below 18440 on a weekly closing basis.

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838 

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