Nifty concluded the volatile week below its 5 WEMA level of 22140 - Tradebulls Securities
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Nifty
Nifty concluded the volatile week below its 5 WEMA level of 22140. On its daily scale too, it faced severe profit booking pressure which push it back below its 20 DEMA level of 22020. The recent breakdown form the ‘Channel Pattern’ price pattern is witnessing a pullback move which may extend towards 22270 zone looks like an optimum zone for pullback to conclude with a reversal formation. Since it’s a truncated week with monthly expiry on Thursday its ideal to remain cautious with carry forward trades. Both its trend strength indicators are trending lower & hovering near their cautious zone. Options data indicates firm bounds at 22200-22300 while support zone is placed at 22000 & 21800 respectively. Since the short-term support weekly base was breached its ideal to refrain from building positional longs until there is a firm reversal pattern formation on its weekly scale or when the index clearly surpasses the resistance zone above 22200. Until then the trend would provide sell on rise opportunities.
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