Nifty consolidated within its previous days trading range as it slipped further towards its 5 DEMA support of 22830 - Tradebulls Securities Pvt Ltd
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Nifty
Nifty consolidated within its previous days trading range as it slipped further towards its 5 DEMA support of 22830. Since last 14sessionstheindex is confidently trending above its 5 DEMA level despite the shake out. Both its trend strength indicators are trending higher withADXaboveits 30 level; strong sign of conviction & further momentum. With a rising support zone at 22800, the Nifty is heading boldly beyondtheupperend of the channel pattern resistance, which is located around 23180. Option data indicates a higher range formation of 22800–23500zoneforthis week, which indicates the conviction amidst traders. Meanwhile, the confident call writing bound has moved higher, towards 23500. Ahintof instability might be seen as the election results get closer which could increase market volatility. Traders may continue to exercisecaution&refrain from building leverage positions until the event volatility cools down. Traders are advised to remain selective while deployinglongs&utilize intraday declines to add longs rather than chasing breakout moves with a stop at 22630.
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