Nifty displayed a breakout above its life high zone with a large breakout bar indicating further optimism - Tradebulls Securities
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Nifty
Nifty displayed a breakout above its life high zone with a large breakout bar indicating further optimism. The ongoing rally is expected to extend its gains towards 20450 zone during the early part of the December series itself. It has been trending above its 5 days EMA well but has started moving further away from it. Its ADX is now trending at 38 while its RSI is now trending within its overbought zone which indicates caution; especially post the strong vertical rally since last few weeks. The trend strength so far appears strong for a further upside move towards 20475 while momentum is expected to sustain until 20130 is not breached during the week. Hence it is advised to retain existing leverage longs with a trend stop below 19950 for this week while momentum longs could be reduced in case 20130 is violated.
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