Nifty displayed a smart pullback towards the breakdown level of 21530 - Tradebulls Securities
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebulls Securities Ltd.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty displayed a smart pullback towards the breakdown level of 21530 as it recovered from its oversold conditions. On its daily scale both its trend strength indicators are Insync with the ongoing price action coupled with a negative crossover of its 5-DEMA & 20-DEMA averages around 21510; indicate further extension of bearish momentum to extend further. The recent bearish impulse, which has been considerably faster than its previous moves, is now confirmed by the price comeback from the 21750–21800 zone below the 21530 crucial support level. With the recent occurrence of an ‘Engulfing Bearish’ formation on its weekly scale & OI cluster breakdown below 21500 does support a further leg towards 21000 soon. It’s ideal to remain nimble footed & refrain from building any leverage positions ahead of the upcoming FEB series. For the day expect the index to oscillate lower within the range of 21500-21300 itself with option pain zone for the expiry placed at 21400-21350 itself.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
![](https://portfolio.investmentguruindia.com/uploads/news/kotak securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/TechMahindra23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/powersector25.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/fsdkfjeljweoir.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalasitharaman230717.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real estate sector_9477.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/global29.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar 30.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
Daily Market Analysis : Markets remained volatile on the monthly expiry day and ended nearly...
![Market Quote : Global indices also reacted pessimistically due to the disappointing results from top US tech companies says Vinod Nair, Head of Research, Geojit Financial Services](https://portfolio.investmentguruindia.com/uploads/news/Broker_88.jpg)
![Sensex, Nifty close flat after volatile trading session](https://portfolio.investmentguruindia.com/uploads/news/ITstock.jpg)
![Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/3623e5c2f3816e8534b1481474e2f84c.jpg)
Despite the weakness the index managed to establish a close above the 19500 level - Tradebul...
![Morning market quote : The Israel-Hamas conflict has introduced a huge uncertainty for the markets Says Dr. V K Vijayakumar, Geojit Financial Services](https://portfolio.investmentguruindia.com//uploads/news/vk vijaykumar.jpg)
![Going forward, we expect Nifty to hold strong support around 19500 followed by healthy consolidation in the broad range of 19500-20000 - ICICI Direct](https://portfolio.investmentguruindia.com/uploads/news/f813d92c4697d16d64e5f89dbc92a3b8.jpg)
![Nifty closed 74.70 points higher at 22,197.0 on Tuesday - Arete Securities](https://portfolio.investmentguruindia.com/uploads/news/arete securities.jpg)