Nifty Hits 23400 Early, Holds Strong Above 50 DEMA at 23000 - Tradebulls Securities Pvt Ltd
Nifty
Nifty achieved 23400 ahead of time and remains above its 50 DEMA at 23000, which is acting as strong support. A dip toward 22900 could attract buying, while a close above 23,400 may trigger an extension toward 24000 during this week itself. Momentum indicators continue to display strength, with RSI at 66 and ADX at 29, signaling strong directional momentum progressing well. The bullish crossover of the 5 & 20 DEMA at 22610 reinforces it as an ideal trailing stop-loss level for momentum longs. While some profit-booking due to sectoral rotation is expected, the broader uptrend remains intact. Traders should maintain long positions until 22,610 holds, using dips as buying opportunities, while reducing exposure only if this level is breached. Managing risk effectively remains crucial in this strong uptrend.
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