IGI Logo

Nifty

The intensity of the decline below17500 (critical support} last week opened the gateway towards the 17000zone. !7000hasbeen standing as a major monthly support zone with the highest PE OI built-up since the beginning of this series. Onitsdailyscale its RSI has slipped below 50 breaking its prior swing support along with ADX slipping further towards its 21level. Withits both trend strength indicators moving away from their respective positive zone it looks difficult for the indextoholdabove the 17300 zone which is the immediate support to track during this expiry week. An early close above17700onlycould evoke the upside move towards 18060 which looks unlikely during this expiry week. While a sustainedclosingbelow17300 could push the index towards 17000-16910 (Prior up moves 127% support zone). It’s ideal to remaincautious, reducetrading positions & deploy a hedge-based approach until a meaningful price & time correction is concludedduringtheupcoming weeks.

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