Expect the index to oscillate lower within the broader range of 19700-19000 while intermediate range stands at 19500-19200 for the week - Tradebulls Securities Ltd
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NIfty
The indecisiveness indicated by the occurrence of a ‘Doji’ candlestick pattern formation eventually resulted into a sharp selloff below the pattern support. Selling pressure mounted once Nifty slipped below the critical mark of 19500. The negative crossover of its 5- & 20- days EMA around 19700 now holds as a strong hurdle /supply zone while major monthly support zone is placed around 19220. Both its daily trend strength indicators entering their negative reading viz. ADX climbing towards 25 while RSI falling further at 35 does not support any immediate reversal in trend strength. Options data saw a further shift in range towards its lower side with key highest put OI bound at 19000 while 19500-19600 was a heavy call writing zone which should act as a strong hurdle for the final leg of the series. Expect the index to oscillate lower within the broader range of 19700-19000 while intermediate range stands at 19500-19200 for the week. Until we don’t see the index registering any reversal move or sustaining above 19680 its ideal to expect oscillation mode to continue with a negative bias. For the day 19220 remains a key support pivot while 19380 could act as a resistance zone.
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