Nifty again rebounded from the resistance zone around 19840 as it lacked the necessary strength to surpass the hurdle - Tradebulls Securities Ltd
Nifty
Nifty again rebounded from the resistance zone around 19840 as it lacked the necessary strength to surpass the hurdle. It again retraced back below its short-term averages 5- & 20-days EMA to close the day below the same. The recent ‘Bullish Marubozu’ candlestick formation which reaffirmed the 0-2 trendline base around 19550 could be challenged again until the index registers a close above 19840. Its trend strength indicators too slipped below their respective immediate support levels with RSI trending below 50 while ADX continues to grind lower at 19. The anticipated resistance level for the week stands at 19840 while the support base is expected to remain firm around 19550-19600 itself. With trading base now been elevated higher towards 19540 from 19440 it should act as an ideal trading stop level for momentum longs. Options data saw a shift in range towards 19800-19600 for the final day of the weekly expiry. Hence leverage longs could be held until 19540 is not breached from hereon while further aggressive additions to be considered once the index trends above 19840.
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Quote on Market by Alok Jain, smallcase manager and founder, Weekend Investing