Nifty has moved higher above its 5-DEMA support level, as anticipated - Tradebulls Securities
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Nifty
More than 23 trading sessions in a row, Nifty has moved higher above its 5-DEMA support level, as anticipated. The immediate range of 24400-24200 looks like a NO TRADE ZONE until the index oscillates within the same. The 5 DEMA support is currently around 24280, and the channel pattern target is located at 24560 on the higher side. Any significant closing below this level would result in directional momentum play. Its relative strength indicators are diverging. The ADX has been moving steadily above the 29 zone, which is an important indication of extended strength, while the RSI is going upward close to its overbought zone. Weekly option data displays an immediate band of 24500–24200 itself. 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 close by. 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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