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Nifty

Nifty approached its breakout zone with low conviction as it displayed multiple narrow ranged bodies near 18100-18200zone. Its trend strength indicators are still complimenting the ongoing up move with ADX trending higher aroundits29levelwhile RSI is yet to hit its overbought zone. The ongoing sequence of gaps is yet to witness an ‘Exhaustion Gap’; whichcouldeventually establish a probable top once confirmed. Option data compliments the ongoing up move as 18000followedby17800 could retain its strength as a dependable base while unwinding above 18200 should push the index towards18500which remains a strong headwind for the upcoming truncated weekly expiry. On the broader scale area around18300hasremained as a supply zone. Hence though we are yet to witness any distortion or diverging signals within theongoingtrendits ideal to remain cautious once around 18300-18460 zone where booking profits could be healthy but avoidinganyfreshleverage on either side should be one’s priority. 17880 could be considered as a yardstick level to gaugeanysuddenbreakdowns & hence serves as an ideal stop loss level for momentum longs

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