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Nifty

Nifty continued its advance after filling the 05th August Gap area around 24686. It has been trending above its 5 DEMA level of 24594 confidently. 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. Technically with the weekly gap area now filled the next immediate gap area around 24960 could be challenged soon. 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 the index trends above its 5 months EMA level of 23900. Nifty Bank on the other hand is making its comeback by establishing a close above its 20 DEMA resistance level after 04th July 2024. The support base for the week has elevated to 24700, and a bullish crossover on the 5 and 20 DEMA at the beginning of the

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