IGI Logo

Nifty

Finally, the index witnessed a price expansion from its ongoing sequence of ‘Inside Bars’. Though the index is still confinedwithin its 15MAR trading range of 17211-16938; it still requires more fire power to break above this ceiling of 17211. Though the headroom towards 17200 remains open for today’s session its ideal to remain cautious while carryingforwardany aggressive positions on either side. Relatively low rollovers with a tepid weekly price action along with a goodseasonality effect augurs well for the index to see a relief rally during the April series. Both its trend strengthindicatorscontinue to remain in their respective negative zone with RSI below its 50 level while ADX continues to trendhigherat38.Afresh breakout on its weekly ADX reading above its 26 level is a strong sign of further weakness hence its ideal toremaincautious & await for exhaustion / firm reversal formation or a fresh breakdown to deploy fresh shorts. Until theresistanceat 17240 holds on a closing basis its ideal to avoid aggressive positions on either side.

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer