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Nifty

Yesterday Nifty not only closed the gap window around 24960 but also re-conquered the crucial level of 25000 as it closed the day above the same. Its 5 DEMA support level has been elevated to 24810 which should act as an immediate base for the week which could help the index to extend its rally towards 25450 zone. With the daily RSI going over 60 and the ADX now approaching its breakout level of 25, expect trend momentum to accelerate further in the coming days ahead. Nifty Bank is experiencing a strong recovery after trending above its 20 DEMA resistance level. Options data for the expiry week shows strong resistance near 25500 with minor hurdles at 25200 & 25300, while fresh writing at 25000 & 24800 serving as immediate support bases. Momentum investors should increase their long bets & retain then until a decisive reversal is not evident on its weekly price chart. The index has been trending confidently above its five-month moving average (EMA) level of 23900. The weekly RSI shows a bullish crossover, suggesting incremental momentum for the index which could accelerate further momentum during the week towards 25450 once above 25120.

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