Momentum stop for the short term could be raised to 22130 now - Tradebulls Securities
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Nifty
After consecutive narrow ranged bodies, the index finally seems to be ready for a breakout from its immediate consolidation range. On its daily scale the price sequence looks like a ‘Rising Three’ Candlestick formation indicating continuation of its uptrend. Sustained price action above its CE OI cluster resistance around 22500 could push the index immediately towards this month anticipated price target zone around 22730. Options data indicates a expansion in range from 22500 towards 22800 on the higher side while base looks firm at 22300- 22200 itself. Since the India VIX (Volatility /Fear Index) still remains confined within 16 level (its 200 WEMA level) & 14.70 (its 5 WEMA); a consolidation breakout would be an early sign for traders deploy confident leverage positions on either side. Until then the outlook remains neutral to cautious as sector rotational move would attract further rise in volatility. While momentum stop for the short term could be raised to 22130 now.
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