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Nifty

Consecutive occurrence of ‘Doji /Spinning Top’ formations near the upper end of the range warrants caution. Both its trend strength indicators remain diverging with RSI trending higher at 60 while ADX is yet to cross its 20 level. Their respective placement indicates lack of conviction & directional strength as of now. Option data too highlights an immediate range fixed at 22100-21900 itself with its outer major wings placed at 22400 & 21800 itself for the final week of the series. With no sign of any change in directional play on its weekly scale; it is better to expect the ongoing oscillation to continue within the immediate range of 22140 to 21800 for the week. Outlook remains cautious until the index oscillates within this ongoing broad range with multiple resistance clusters around 22000-22140 level while key support zone is now placed at 21800 below which a major bound hold at 21540 itself.

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