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Nifty

Nifty registered a swing towards the expected resistance zone around 15470 with its RSi entering its overbought indicating zone above 70. On the flipside ADX another trend strength indicator remains steady & trending upwards which is a positive sight. Options bounds ahead of the weekly expiry remains constant at 15000-15000 with pain as of now standing at 15300. Time cycles convergence within a short span indicating cautiousness, but a clear price action on the negative sign would be awaited to conclude fresh weakness. Traders should now become cautious while trading momentum & continue their bullish strategy until nifty holds above its previous days swing low. Major key level for the index now rests around 15470 while on the flipside 14930 has developed as an elevated support zone & a prudent stop for directional longs.

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