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
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.
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