Nifty surpassed the 18660 zone well in time to scale higher towards 18887 to record fresh life high - Tradebulls Securities
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Nifty
Nifty surpassed the 18660 zone well in time to scale higher towards 18887 to record fresh life high. But thebreakoutmovesfailed to sustain its gains as it retraced back towards its 5 DEMA support zone. Its trend strength indicators againdisplayeddiverging signals as RSI declined from its overbought reading above 75 while ADX remained flat at 30. Immediatesupportfor the index during the week stands at 18670 (5 DEMA) below which the index could slip towards the crucial trenddefiningsupport level of 18360 below which momentum longs as well as positional longs should be exited. As observedonitsdailyscale the ongoing bullish wave from the base of 16747.70 (30th September) can be easily defined as a classic 5-Wavebullishstructure with its termination zone placed around 18810 to 19015. We have already witnessed last Thursdays expiryclosingat 18812 with its RSI reading above its 75-level confirming its overbought state. But a reversal candlestick formationsignalshould be necessary to conclude its termination. Hence building fresh longs should be avoided at this juncture&apullbackshould be waited for fresh assessment of the immediate trend.
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