IGI Logo

Nifty

Nifty continued to trend below its 5 DEMA but till now it has maintained its close above its 20 DEMA zone. Its trendstrengthindicators have been declining gradually as its ADX continues to drift lower towards 20 while RSI is moving towardsitsmid-way mark of 50. On its daily scale both indicators display lack of strength while the absolute price actionis expectedtoremain confined within the broadening pattern range of 19020-17980. Occurrence of a ‘Dark Cloud Cover’ formationonitsweekly scale needs a confirmatory close below the 18360 level below which there could be an uptick in bearishmomentum.Options data indicates key bounds at 18500-19000 for the coming week. With OI PCR at 0.76 at the beginningof theweekthe odds remain in favour of a bounce back. Short term traders should continue to retain their long shortspositionsthroughout the week. While pullbacks within the broadening pattern from hereon would be temporary&henceanybreakout trades on the upside should not be chased.

To Read Complete Report & Disclaimer Click Here
 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

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