Nifty again slipped below its 5 DEMA support level of 21660 - Tradebulls Securities
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Nifty
Nifty again slipped below its 5 DEMA support level of 21660 but this time it failed to recover & close above the same. It has closed below its 5 DEMA level with its RSI declining below its 70 level for the second time since it entered its overbought zone on 04th December 2023. Its relative strength action has been displaying a negative divergence on its RSI which is also a sign of diminishing bullish strength. It is too early to assume any major loss of momentum to change in trend hence its ideal to keep trailing stop higher towards 21470 on closing basis for any fresh additions in long position. The ongoing dip could extend its leg towards its intermediate support zone around 21260 (20 DEMA Support Zone) in case the index slips further to close blow the 21470 mark. Strategy remains intact until a reversal formation occurs or the index records a consecutive closing below its swing support range of its prior days low. It is best to reduce leverage longs in case the trailing stop level of 21470 is broken on closing basis while the major trend stop level remains intact at 20980.
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