IGI Logo

Nifty

Nifty index registered a fresh life high closing as it continues to trend higher above its 5 DEMA support level of 22440. On the final say of the week it formed a yet another narrow-ranged candlestick formation depicting lack of buying interest around the 22500 hurdles. The breakout above the cluster of narrow-ranged 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 70 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 states that 22300-22200 should continue to act a as dependable support zone while 22500 remains an immediate hurdle followed by 22700. 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