Nifty displayed a strong breakout outside the ongoing consolidation range with a `Break Away` gap - Tradebulls Securities
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Nifty
Nifty displayed a strong breakout outside the ongoing consolidation range with a ‘Break Away’ gap. On its daily scale the ‘’Pin Bar’’ candlestick low should now act as a key pivotal support for trailing stops. Yesterday’s move severed as a confirmation for unlocking its impeding either side move. Option data now suggests that 21000-21100 could serve as a support base while 21500 CE OI cluster would be the immediate upper bound resistance for the upcoming week. With its daily RSI trending within its extreme overbought zone, and its ADX is at 62, confirming the lack of strength that complements the ongoing unwinding pressure. Hence it is advised to reduce longs /stay light on positions & keep trailing stop higher which chasing ongoing momentum with a stop at 21040. While 20710 remains a key pivotal trend support below which the index could kickstart a corrective wave.
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