IGI Logo

Nifty

Nifty registered a fresh life high in yesterday’s trading session but closed the day below 23264. It is holding itself outside the high impact trading range of 04th June’24 with its high around 23180. This level now serves as an ideal trailing stop to gauge sustenance of ongoing bullish momentum. Cool off in event volatility is evident as India VIX continues to stabilize its movement below 18 level. Both its relative strength indicators are trending within their respective positive zone; with ADX about to break above its 25 level; indicating upcoming momentum. Weekly options data indicates confident writing base at 23000 while its upper end could see a shift towards 23500 to 23800 during the week. Sustenance above 23350 would serve as a reassuring sign for further acceleration in trend momentum which could push the index higher towards 23900. Traders may continue to add longs on decline & may chase breakout moves once above 23560 towards 23900.

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838