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Nifty

Nifty formed yet another ‘Doji’ / ‘Spinning Top’ candlestick formation near its life high zone, indicating a breather before the breakout. It has been trending confidently higher above its 5 DEMA support level of 24940 which should act as a momentum gauging trigger. Options data indicates firm base at 24800 followed by 25000 itself which could elevate the index to rally further towards 25500 itself with minor hurdle around 25100. With the daily RSI trending at 65 and the ADX is trending confidently above its breakout level of 25, expect bullish momentum to resume in the coming days ahead. Nifty Bank is experiencing a strong recovery after trending above its 20 DEMA resistance level. Momentum investors should build further long positions until a clear and distinct reversal is not seen on the weekly price chart. The index has been gradually increasing over the 23900 level of its five-month moving average (EMA). The weekly RSI exhibits a bullish crossing, indicating that the index is gaining directional momentum strength. Once the index crosses above 25120, expect momentum to resume towards 25450 zone. Options range for the expiry day is set at 25100-24900 with 25050 being its mid-point

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