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Nifty

Nifty displayed a ‘Doji’ candlestick formation but continued to register fresh life high even on closing basis. It has been more than 28 trading sessions in a row, Nifty has moved been higher above its 5-DEMA support level. The immediate support range of 24440 looks dependable for the up move to extend towards 24965 in case of an immediate breakout above 24650. The 5 DEMA support is currently around 24440 which can be utilize to gauge ongoing momentum strength. Its relative strength indicators are diverging with the ADX has been moving steadily above its 25 zone, which is an important indication of extended strength, while the RSI is oscillating near its overbought zone. From this point on, a fall below 24040 would be significant and might result in a change in the trend. Due to the significant sector rotation swings that have been occurring over the past several days, it is advised to exercise caution while chasing any breakout trades given the pattern target of 24560's almost achieved & an extended target towards 24965 would be activated once above 24650. The buy on dips strategy is still helpful for intraday swings as long as the index closes above its rising 5-day moving average.

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