Nifty registered a mute performance ahead of its key earnings which would trigger the next move - Tradebulls Securities
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Nifty
Nifty registered a mute performance ahead of its key earnings which would trigger the next move. Despite of the weakness the index did not slip below its previous day’s low. It continued to register a close below its 5 DEMA resistance level of 17670. Its trend strength indicators have started to decline as RSI falls below its trigger line to slide further towards 55. While ADX declined further to 30 from 33. Options bound remain intact at 17700 to 17600 with 17500 remaining the major support for the week. Pullbacks within the range could be utilized to create temporary shorts with a stop above 17822. It’s ideal to remain cautious while chasing any intraday longs as sector rotational moves could be robust with midcap stocks likely to display outperformance during the final leg of the April series. Expect index to drift lower towards 17510 (20 DEMA ) zone which also compliments the ‘Engulfing Bearish’ formation on its weekly scale.
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