IGI Logo

Nifty

Nifty retains its incremental strength as it approaches the breakout zone. So far it has been trending well within the bounds laid by the ‘Pitchfork tool’ with immediate support been placed around 16380 while a resistance has been witnessed around 16680. Yesterdays sustained move above 16560 could help the index scale its leg beyond 16680 in the coming few days itself. Though its trend strength indicators saw a decline but none has any major signs of divergence in their respective relative strength. We expect the index to retain its oscillation mode & trend higher within the bounds of the pitchfork tool. Directional momentum play may resume post a brief break from its pattern resistance for a target which remains intact around 17000. Strong sectoral rotation may provide good long short opportunities during the day within the ongoing bullish trend while momentum traders should continue to hold & add longs until 16380 remains intact.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer