Nifty managed will to sustain above its 5 DEMA zone of 18150 - Tradebulls Securities
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Nifty
Nifty managed will to sustain above its 5 DEMA zone of 18150 as the index registered a smart pullbackposttheoccurrence of ‘Dark Cloud Cover’ reversal pattern. The pattern effect would kick in once the index fallsbelow18040 on immediate basis. Option data at the beginning of the series indicate firm bounds at 18200&17500.Both trend strength indicators are placed for further bearish moves as RSI registered a fresh negativecrossoverbelow its 50 marks while ADX remains trending above 34. Expect the index to continue its lower drift towards17660 with acceleration in momentum once below 18040. Short term traders to remain extra vigilant whiledeploying shorts as broader market has been performing well & hence focus while deploying aggressiveshortsshould remain on underperforming stocks. With volatility expected to rise higher pullbacks shouldbeutilisedtodeploy shorts until a firm reversal formation is evident at least on its daily scale.
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