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Nifty

Nifty advanced ahead to fill the 02nd August Gap area around 24960. It has been trending above its 5 DEMA level confidently which is now placed at 24660. Both its trend strength indicators are well placed within their respective positive zone with the daily RSI trending above 60 while ADX is hovering around its 25 level with its +DI now trending above 29 level. Nifty Bank is making its comeback by establishing a close above its 20 DEMA resistance level after 04th July 2024 with its Daily RSI trending above 50 level; which is a strong sign of strength. Options data clearly exhibits 24700 as a make-or-break level for momentum longs to continue as the index scales higher towards 25000 zone. Unwinding in 24700 CE OI has accelerated the up move towards the daily gap resistance area around 24940. Momentum investors should keep adding to their long positions as long as the index trends above its 5 months EMA level of 23900. The support base for the final week has been elevated to 24700 from 24500, with its weekly RSI displaying a bullish crossover which indicates that there could be incremental momentum to push the index immediately beyond 24960-25000 zone in the coming week itself.

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