IGI Logo

Nifty

‘Spinning Tops’ & ‘Dojis’ are signs of indecisiveness & either side range break of these formations usually result intoamplified moves. With both trend strength indicators weak as RSI yet to hit its oversold zone while ADX has registeredafresh break above its 25 zone; sign of amplified weakness in the offing. The move so far from 18114 has beeninaccordanceof the expected wave characteristics & hence a decline within 16000-15860 could be considered as a final legof thebeargrip move. The index breached below the 78.6% retracement zone of its prior impulse its likely to witness a swingtowardsthe likely monthly support zone of 16000-15860 soon. As both trend strength indicators warrant further downsideonpositional basis with the breakdown in place it’s ideal to retain short positions until an oversold situation is not witnessedora firm reversal formation occurs on its weekly scale. Immediate resistance for the week now stands at 16480whichshouldbe considered as trail stop for fresh shorts.

Nifty Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx

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