IGI Logo

Nifty

‘Spinning top’ formation occurring post a major breakdown with its PCROI near its oversold reading along with its daily RSIalready below 30 may result into a marginal pullback move during the week. Since the daily ADX setupremainsstronglybearish, the pullbacks during the week are expected to remain fragile. Hence it’s advised to retain the ongoingstrategyofutilizing pullbacks to build positions while aggressive shorts to be only deployed once the index breaches below15000level. Until the n for the week expect the downward oscillation to continue within the drifting range of 15800-15000 with 15500being its mid point. The cool of in crude oil prices may provide the necessary relief rally as the global indices toohavebeentrending within their respective oversold zones awaiting a pullback opportunity.

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