Price unfolding on either side would lead to further unwinding pressure unfolding into fresh momentum - Tradebulls Securities
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Occurrence of a ‘Bullish Hammer’ candlestick formation with a close above its 5 DEMA support is a positive sign. While the prior negative formation‘DarkCloudCover’ would be negated once the index trends above the 18910 zone & registers a breakout. Both the reversal pattern needs confirmatory close oneithersideof the said range of 18710-18910 for the momentum to shift. Immediate option bounds remain at 18850-18700 as the range gets narrower with progressingtime. Its trend strength indicators compliment the ongoing up move to continue as its RSI remains oscillating within its 70-60 zone while ADX is trendingupwardswell at 37. The failure of recent bearish candlestick reversal formation would again be a sign of ongoing strength & sentiment prevailing in the markets forafresh life high. Option cluster for the week also supports the narrow range with key bounds at 18700 & 18800 itself. Price unfolding on either side would lead tof urther unwinding pressure unfolding into fresh momentum. Hence, we advise traders to retain longs with a major breakdown is evident below18605whileupside could extend further once beyond the 18910-19000 cluster gets breached.
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