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Nifty

Nifty commenced the truncated week on a bullish note retaining its trading base at 22400. On its daily scale it is trending confidently above its 5 & 20 DEMA levels of 22385 to 22336 respectively. The crossover of these short-term averages along with its RSI trending above its 50 level is a good sign of confidence amidst the traders. Option data indicates elevated base formation around 22500-22400 zone for the week while higher activity bound shifts higher towards 23000 from 22800, which compliments the conviction amidst bullish traders. Technically from here on 22050 becomes a key pivotal support for the fresh unfolding event momentum & hence serves as an ideal stop loss zone for positional longs. While traders may continue to exercise caution & refrain from building leverage positions until the event volatility cools down. Traders are advised to remain selective while deploying longs & utilize intraday declines to add longs rather than chasing breakout moves.

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