Nifty looks confidently trending above the 17780-resistance zone - Tradebulls Securities
Nifty
Nifty looks confidently trending above the 17780-resistance zone. The breakout from a week-long consolidationalongwithits daily ADX trending above 25 is a healthy sign for directional momentum to set in. Its relative trend strengthhasbeengood so far as its RSI never slipped below its 50 mark despite the recent correction towards 17166. Sustenanceaboveits5&20 DEMA zone indicates the immediate trend to remain bullish towards 18215 zone which could be participatedwithatrend stop now at 17540. As per the derivative data, the key clusters still remain the same with Highest CE OI concentrationat 18000 while Highest PE OI is at 17000 itself. Hence a breakout above 18000-18060 zone could result intoajumpinvolatility due to sharp unwinding in the coming week ahead which could push the index towards 18200 zone. Theimmediate range to monitor during the week stands at 18000-17600 with 17800 & 18000 being the key strikes togaugeupcoming momentum. Traders should retain existing longs & build further with a stop at 17540 fromhereon&reviewthemonce 18215 is achieved.
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