Traders should remain vigilant & look for better rewarding opportunities on either side - Tradebulls
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Nifty
Negation of another ‘Doji’ & continuation of gradual up move but the index is yet to witness a reversal. The proximity towards the higher end of the channel pattern with no confident breakout signs keeps the confidence low for retaining aggressive longs. Also its RSI has been displaying a clear divergence which compliments the lack of incremental strength despite its ongoing gradual price up move. Shift in PE OI to 14400 & 14200 along with its 5 DEMA now placed at 14180 compliments as a key weekly support. Volatility is expected to pick up in case 14180 is breached, while expected weekly range as per options data now rests at 14200-14800. Hence for this week too we continue to focus on stock specific moves with a long short combination. Traders should remain vigilant & look for better rewarding opportunities on either side
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