IGI Logo

Nifty

The latest sequence of narrow ranged bodies near the channel resistance supply zone is a worrisome sign. Though the index is yet to register a close below its 5DEMA, its daily RSI hovering around its overbought zone is also a sign of caution. Despite the high volatility last week as India VIX jumped back towards its 21 level the index still managed to maintain its closing well above its previous days swing lows. Trend strength indicator RSI has started receding from 77 to 75 which is still hovering in its overbought zone since last week but there is no sign of any divergence in strength. While ADX is still in an upward trending mode at 46. Hence, it’s ideal to remain cautious & advisable to deploy a sizeable hedge against your longs. While booking profits where ever necessary post such a vertical run-up too remains a prudent strategy as the nifty inches closer towards its expected resistance zone around 17480.

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