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16-01-2024 09:54 AM | Source: Tradebulls Securities Ltd
As anticipated the Nifty not only surpassed its consolidation hurdle at 21840 but also the 22000 - Tradebulls Securities

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NIFTY

As anticipated the Nifty not only surpassed its consolidation hurdle at 21840 but also the 22000 psychological level with healthy stock rotation & volume participation. At the close, Nifty maintained its close above the 22,000 level despite an overbought condition exhibited by its trend strength indicators. Going forward, the ongoing momentum & fresh unwinding pressure could help the index scale towards 22240- 22300 zone immediately without much hassle. Breakout on its daily scale exhibits a ‘Bullish Flag’ pattern formation complimenting the ongoing bullish secular move to continue towards its pattern targets around 22280 which coincides with the immediate significant options open interest cluster. A healthy time & price correction seems over as the index redefined the higher cluster support base at 21600-21500 zone which now serves as a good trailing stop zone for ongoing long positions. The trend failure would only be confirmed in case the index registers a consecutive weekly closing below 21530 level. Until then expect the ongoing bullish trend to continue upwards with regular bouts of volatility bouts.

 

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