Powered by: Motilal Oswal
01-04-2024 09:40 AM | Source: Tradebulls Securities Pvt Ltd
Nifty finally displayed a firm breakout above the 22200-cluster resistance on the final day of the march series & surged towards 22500 resistance zone - Tradebulls Securities

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Nifty

Nifty finally displayed a firm breakout above the 22200-cluster resistance on the final day of the march series & surged towards 22500 resistance zone. On its daily scale, the bullish crossover of its 5 & 20 DEMA around 22110 should act as an immediate support base for the ongoing bullish momentum. With both its trend strength indicators now in sync as RSI continues to trend above its 50 level while ADX is on the verge of breaking above its 25 level is a good sign for continuation of the up move. Option data at the beginning of the April series states that 22200-22000 should continue to act a as dependable support zone while 22500 remains an immediate hurdle followed by 22700. The rollover data shows that Banknifty had a very strong rollover (87% vs. 79% previous month), while Nifty had a relatively lower rollover of 69.7%, which was less than both its previous month and the average rollover over the preceding three months of 80%. It is best to exercise caution when pursuing breakout trades and to concentrate on both long and short possibilities until the index price action remains inside the 22500–22000 region because a firm reversal formation is absent from its weekly scale.

 

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838

To Read Complete Report & Disclaimer     Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer