IGI Logo

Nifty

Narrow ranged bodies with consecutive gaps near the ongoing channel patterns supply zone is a sign of caution. Incasetheindex witness further demand near the current zone the ongoing bear market rally should see a comfortableextensiontowards 16400-16550 zone during this week itself. Both its trend strength indicators lack any significant development. Whileoption data for the week indicates firm support at 16000 while 16500 remains a headwind. Technically any slippagesbelow16040 (5DEMA) zone which currently stands far away from the current price action could be the first signof deterioratingmomentum & a possibility of a reversal. With the result season commencing, stock & sector rotation is expectedtoremainrobust triggering a cautious zone beyond 16135. Only a breakdown below 15865 from hereon would indicate a weak trend & hence serves as an ideal stop for ongoing directional momentum.

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