IGI Logo

Nifty

Profit booking pressure continued to mount near the current life high zone as Nifty slipped towards its 20 DEMA support level around18640. Both its trend strength indicators too retraced with the price action as RSI is now close its 50-support zone whileADXisstill wayabove its 25 level. On the absolute price scale, a pause is evident within the ongoing bullish trend. The immediate support zonetotrackduring the expiry week is placed at 18605-18580 which also coincides with the ‘Rising Wedge’ pattern target. A consecutiveclosingbelow the same could unfold a deeper corrective move hence its ideal to remain cautious until further clarity is evident onpricescale.On the flip side a confident breakout above 18850 is needed to resume fresh aggressive longs until then it’s ideal toavoidleveragepositions on either side until the expected range of 18540-18850 holds

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838 

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