IGI Logo

Nifty

Occurrence of an ‘Inverse Hammer’ after a declining trend of almost 5 days is an early sign of stability. Thepattern has occurred at a critical support zone around 16915-16880 where its 200 DEMA has beenresting. Trendstrength indicators; RSI falling towards its oversold zone along with ADX at 29 is a diverging sign&henceitsidealto remain cautious ahead of the back to back key events viz.. September F&O expiry followed by theRBI Monetary policy. Derivative data for the final day of the series indicates 16900 as a dependable support while17000-17050 remains as a key hurdle for the day. Expiry pain for the Nifty as of yesterdays close standsat17000.For Bank nifty expiry pain stands at 38200 which could see shift towards 38600 with a confident basearound37800. Technically, it looks like 17100-17050 stands as a resistance for the day where the pullback movecouldface headwinds throughout the day.

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