Yesterday`s Mahurat session too saw a strong day as Nifty marched forward towards the expected immediate target zone of 17800 - Tradebulls Securities
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Nifty
Yesterday’s Mahurat session too saw a strong day as Nifty marched forward towards the expected immediate target zone of 17800 (78.6 % retracement zone of its prior Impulse wave) where the option writers have been holding their positions Occurrence of multiple reversal formations have been gradually evaluating the base higher. The ‘Piercing Line’ formation followed by the ‘Bullish Marabuzo’ candlestick formation have occurred at the base of the rising trendline. he trendline support now stands at 17600 where its 5 DEMA is also placed. Highlighting the elevated support base ahead of the monthly October expiry.Derivatives data for the truncated week now indicates 17600-17700 as an immediate base while 18000 holds the highest CE writing bound which is likely to act as a strong resistance. Broader strategy remains the same holding existing longs with a revised stop above 17488 on a closing basis until a perfect reversal formation is displayed by the index near any resistance zones till 18000-18100.
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