Derivative data still indicates immediate significant bounds at 19700-19500 for the current week - Tradebulls Securities
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Nifty
Index witnessed steady price action as it formed a spinning top candlestick formation yesterday. The pattern itself displays the ongoing indecisiveness & hence an either side break of its range would decide the directional momentum play for the week. The recent ‘Dragonfly Doji’ which occurred post the exhaustion gap reassured support strength around the 19500 base. The immediate hurdle on the upside remains intact at 19840 for the coming weeks ahead. While the recent swing base at 19280 to be considered as an ideal momentum-based stop for fresh long additions. Derivative data still indicates immediate significant bounds at 19700-19500 for the current week. Leverage longs to be reinstated on a decline as the reversal formation has confirmed the base and could be held until 19240 is not breached from hereon while further aggressive additions to be considered once the index surpasses the hurdle at 19840 during the month.
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