IGI Logo

Nifty

Sequence of ‘Inside Bar’ formations within the trading range of 17780-17340 now looks mature for a breakout. Thesqueezecould result into a spring effect once the index trends above 17780. Though both trend strength indicators areflat withADXfalling back towards 25 & RSI below 60 is not complimentary sign as of now. Immediate base belowwhich thetrendcouldwitness a major change is placed at 17320 while breakout above 17780 could revive fresh bullish momentum.Derivativedata indicates a much wider range with Highest CE OI concentration at 18000 while Highest PE OI concentrationat 17000itself. The most active strike is 17600 unwinding signs should be monitored carefully to gauge the early part of the upcoming wave . Further longs could be added on a breakout with a trading stop loss below 17520 once above 17780.

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