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Nifty

Nifty index eventually managed to register a breakout above the cluster of narrow ranged bodies as it continued to register a fresh life high closing basis. The gap up opening sustained throughout the session as the index continued to trend higher above its 5 DEMA support level of 22510. The breakout above the cluster of narrow-ranged candlestick bodies doesn’t display any major confidence despite the price closing above its immediate option barrier of 22500 but since both its trend strength indicators are trending higher with RSI around 66 followed by a breakout move in ADX above its 25 level the ongoing up move is expected to sustain. Option data states that 22500 should continue to act a as dependable support zone while 22700 remains an immediate hurdle followed by 23000. On its weekly scale since the index is approaching the upper end of the channel pattern & a firm reversal formation is missing its ideal to remain cautious while chasing any breakout moves & continue the buy on declines strategy until 22300 holds.

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