Nifty retraced back to its 5 DEMA support level of 18620 after registering a high at 18778 - Tradebulls Securities
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Nifty
Nifty retraced back to its 5 DEMA support level of 18620 after registering a high at 18778. Though it has not formed a very convincing candlestick reversal formation but the placement of its RSI trend strength indicator with a negative crossover is a concerning sign. Its other trend strength indicator ADX is still comfortably trending above its 25 level & hence to the diverging stance of the indicators it will be too difficult to conclude a directional shit in momentum. Hence its better to retain logs until 18520 support holds while the index oscillates within the ongoing ‘Broadening Pattern’ formation with its next resistance zone placed around 18850-18950 itself. The recent sequence looks like a ‘BreakAway Gap’ followed by a ‘RunAway Gap’ & hence an ‘Exhaustion Gap’ would be awaited to relook at the momentum scenario. As the pattern target remains progressing higher towards 18850-18900 (Upper end of Broadening) which remain valid until 18330 holds from hereon while only existing momentum-based longs to be held with a revised stop below 18520 on a closing basis itself & no further additions would be warranted
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