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Nifty

Nifty maintained its bullish momentum throughout the day as it scaled higher towards the critical zone of 23960-24040. It has been holding well above its 5 DEMA support level for 15 sessions in a row; the support has been rising with the trend. The immediate support level is placed at 23670 below which the index may see change in trend while upside momentum is expected to continue towards 23960- 24000 zone during the day. For the final leg of this series as well as upcoming series, options data shows a confident writing base around 23000 followed by 23500 and a strong upper bound at 24000. While options data for today indicates an immediate range of 24000– 23800. Traders should refrain from chasing momentum longs once the index trends around the 23960-24000 zone & utilize intraday dip if any towards 23740 to add longs until 23670 holds

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