After slipping below towards 21710 Nifty managed to retain its close above the crucial 21830 level - Tradebulls Securities
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Nifty
After slipping below towards 21710 Nifty managed to retain its close above the crucial 21830 level. If formed a ‘Spike /Doji’ candlestick formation on its daily scale complimenting a strong comeback move. The bullish implications of this pattern would only conclude once the index registers a close above 21930 or trades above 22120 resistance level. On the flipside slippages below 21800 could continue to drag the index lower towards 21600-21500 zone. With its trend strength indicators RSI trending lower around 40 while ADX fresh move above its 25 level indicates further weakness in the coming sessions. Post the negative crossover on its 5 & 20 DEMA around 22150 the index started to adhere its sell on rise mode with firm resistance now shifting towards 22120 for the final leg of the series. Options data too indicates key resistance zone at 22000 followed by 22200 itself while support base is firm at 21500. With the short-term support base for the week being breached its ideal to refrain from building positional longs until there is a firm reversal pattern formation on its weekly scale or when the index clearly surpasses the resistance zone above 22200. Until then the trend would provide sell on rise opportunities.
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