Immediate level resistance stands at 24445 while major support zone remains at 24000-23800 - Tradebulls Securities Pvt Ltd
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Nifty
* ‘Bullish Hammer’ formation on the weekly scale needs a confirmatory close above 24445 for resuming its bullish trend until then expect consolidation to continue
* Weekly RSI slipping below its 70 level post the negative crossover is still a bearish signal which warrants caution & requires a firm close above 72 (Trigger line level) to negate its effect
* Immediate level resistance stands at 24445 while major support zone remains at 24000-23800
* Options data indicates 24500-24000 as the major range for the week, with 24300 as the midpoint
* Sequence of narrow ranged bodies on its daily scale with price failing to sustain above its 5 & 20 DEMA is a sign of lack of confidence. Hence a breakthrough outside the range would be keenly awaited to resume clarity on trend strength
* Momentum Investors should continue to Add long positions until weekly closing basis level of 23990
* While traders to retain long short positions until index rests within broad range of 23840-24450
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