Nifty continues to hover around its 5 DEMA support of 25180 - Tradebulls Securities Pvt Ltd
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Nifty
Nifty continues to hover around its 5 DEMA support of 25180. It maintained its close above its previous days low but the negative cross on its RSI is a worrying sign. On the other hand, its ADX continues to display strength & supports the upmove to resume once the index trends above 25300 mark. Options data suggests that support will be steady near 25,000 for the coming week as well, with a minor obstacle at 25,300 and a significant hurdle at 25,500 stands firm. Unwinding in the 25300 strike would unfold the short covering based momentum. We are still optimistic that over the first half of the series, the index will rise steadily towards 25450. Technical targets at 25810 and 25990 may come later. In the unlikely scenario that the index has a weekly closing below 24960, the entire calculation could fail. Momentum trades have to be trimmed down if the index falls below 25080 on a closing basis.
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