Nifty index registered a fresh life high closing as it continues to trend higher above its 5 DEMA support level of 22405 - Tradebulls Securities Pvt Ltd
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty index registered a fresh life high closing as it continues to trend higher above its 5 DEMA support level of 22405. Yesterday it formed a long shadow candlestick formation depicting buying interest at the lower end. The breakout above the cluster of narrowranged candlestick bodies doesn’t display confidence despite the price closing above its immediate option barrier of 22500. Both its trend strength indicators are trending higher with RSI around 60 followed by a breakout move in ADX above its 25 level. Their respective placement in fact indicates likely follow through in bullish momentum. 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, even yesterday the call writers remained confident at 22500 while fresh put buildup is witnessed around 22400 which coincides with its 5 DEMA support level of 22405; which may act as an immediate support. Since a firm reversal formation is missing on its weekly scale its ideal to remain cautious while chasing breakout moves its ideal to focus on both long & short opportunities until the index rests within the 22500-22000 range.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
![](https://portfolio.investmentguruindia.com/uploads/news/FMCG4.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Finance_Sinduja.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nayka22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real estate sector_498.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/BCPL Railway Infrastructure.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nazara Tech.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Cotton Report.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/solar8.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indian Railways_54.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Spices Outlook.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
Weekly option data indicates an immediate band of 24500-24200 itself - Tradebulls Securities
![Benchmark index is likely to trade volatile today. Index has support at 24100 - 24050 level - Monarch Networth Capital Ltd](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day - Axis Securities Ltd](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![Bought Index Futures to the tune of 898.20 Cr - Axis Securities Ltd](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)