Nifty did record a fresh life high but again failed to close decisively above the 25500-cluster resistance zone - Tradebulls Securities Pvt Ltd
Nifty
Nifty did record a fresh life high but again failed to close decisively above the 25500-cluster resistance zone. It continued its consolidation near the life high zone as it formed yet another narrow-ranged candlestick formation on its daily scale. The price formation has been backed with fresh buying volumes which support the bullish momentum to resume back once above the 25550 cluster. The latest price swing towards life high zone exhibits fresh impulsive wave characteristics which could lead the price expansion towards 25810. Its daily ADX now trending above its 25 level the expectations of a further thrust towards 25810 during the week looks likely. Options data too indicates firm base shift at 25200 followed by 25000 while upside remains open towards 25800 once above 25500. Since the index has managed to maintain its price action above its 5 WEMA support for 18 consecutive weeks, a change in trend if any will only be warranted in case the index registers a weekly close below 24860. Momentum longs to be retained until 24840 holds while positions need to be reviewed once the index trends above 25810 in the coming weeks.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
Tag News
Daily Market Analysis : Markets traded in a volatile range and ended largely flat, pausing a...