IGI Logo

Nifty

Selling pressure intensified once the index dipped below its previous days swing low as it formed yet another longbearishbar confirming the pattern breakdown. With both its trend strength indicators still placed confidently in the bearishzonewith RSI declining at 41 far away from its oversold zone while ADX is trending confidently above its 25 level. It’s astrongindication of the ongoing corrective wave to see an extension towards 17980 zone. The crossover witnessedaround18440should now act as an immediate resistance zone & an ideal level going forward to gauge trend strength reversals. Shortterm traders should continue to retain their long short strategy with more emphasis to deploy further shorts incaseofapullback until a meaning full reversal is not evident; current stop to be placed on a weekly closing basis above18480whilepattern target rests below 17980.

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