Strong close above its 200 DEMA zone near 16700 is a good sign for continuation of strength - Tradebull Securities
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Nifty
Strong close above its 200 DEMA zone near 16700 is a good sign for continuation of strength. The immediate major hurdleis nowplaced around the declining channel resistance zone near 16960-17000 zone & a confident consecutive close above the samewouldfurther strength the on-going bullish strength. Trend strength indicators are not so confident as ADX is sliding below30 whileRSI isnearits critical hurdle around 50. Options data broadly suggests 17000 to remain a concerning hurdle for the week while the floor seemssetat 16600 which can act a trail stop for short term longs. PCR OI at 1.13 is not comforting for aggressive longs for the current truncatedweek & hence uptick towards 17000-17100 if any should be utilised to reduce leverage & await for declines to re-enter inthefuture.Strategy for traders to remain cautious with their leverage longs as volatility still remains high until India VIX quotes aboveits 25mark.Its ideal to remain cautious & continue to retain the mean reversion trading approach throughout the week until breakout above17200occurs on its weekly scale.
Nifty Chart
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