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Nifty

Strong close above its 100 DEMA & 20 DEMA in yesterdays session supports the fresh developing impulse wave characteristics as the index raced backed above its previous swing highs in just 2 sessions. The recent occurrence of an ‘Inside Bar’ formation near the multiple reversal pattern support zone is a good sign of a firm base around 16800-17000 zone. With its daily RSI trending close to 50mark its likely that the ongoing momentum would continue going forward. Option data indicates strong major bounds placed at 17600-17400 for the day. Technically a close above 17660 would amplify the bullish momentum in the coming week. With shorter degree indicators now turning in favour of the bulls; its ideal to retain buy on declines strategy across various timeframes with a momentum stop below 16930 & a trend stop below 16780 WCLBs (Weekly closing ). Aggressive longs to be deployed once confidently trending above 17660 for fresh life high expectations. For the day expect the expiry to shape up near the upper end of the expected range i.e 15600-15650 while 17400-17500 should act as a strong support. Banknifty sustaining above 37500 would result into fresh short covering move towards 37800 while support been placed firm around 37000.

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