Nifty kick started the week with a strong gap up move which helped it extends its rally for the 3rd consecutive session - Tradebulls Securities
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Nifty
Nifty kick started the week with a strong gap up move which helped it extends its rally for the 3rd consecutive session. It continues to trend higher comfortably without any signs of exhaustion or reversal sign yet. Though both its trendstrengthindicators continue to display strength its daily RSI has officially entered its overbought zone & has been displaying a3-pointnegative divergence awaiting confirmation of reversal. The ongoing price formation looks evolving into a ‘BroadeningPattern’formation with its higher side progressing higher towards 18730 (Upper end of Broadening) which remains valid until 18200holdson a closing basis. Option data for the Week indicates major bounds at 18400-18700 itself with fresh put writing beenwitnessedat 18500 strike which may act as dependable pullback support zone in case of a reversal in momentumfor the day. Tradersshouldcontinue to hold their momentum longs until 18200 holds with a likely final leg to extend the price momentumtowards18650-18730.
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