The ongoing momentum may take a brief pause as the index approaches the retracement resistance cluster of its prior declining wave - Tradebulls Securities
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Nifty
The ongoing momentum may take a brief pause as the index approaches the retracement resistance cluster of its prior declining wave. The resistance zone cluster around 17770 & 18030 could be a critical zone to negotiate immediately due to the weekly expiry action. The gap area around 17600 now should be considered as a trailing stop for the on-going momentum. Option data for the day indicates 17700 to remain as a strong support followed by 17650 while 18000 remains a strong resistance but 17850 remains the key resistance to move forward. With both momentum indicators diverging as ADX is dipping lower while RSI is steady above 50 we may see a brief pause in the on going rally. The approach for the day should be cautious as the ongoing earnings season could attract some
Nifty chart
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