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Nifty

Nifty commenced the week on a weak note as it slipped towards 21830 zone but eventually recovered all its losses to close the day above its previous days close at 22104. On its daily scale it has displayed yet another session of resilience while defending the 22000 supports. At the end it formed yet another bullish reversal candlestick pattern viz. the ‘Bullish Hammer’ which also awaits confirmatory close 22210 for activation of its bullish implications. With both its trend strength indicators still displaying weakness with ADX trending higher at 29 level while RSI still slipping lower around its 43 level it’s better to wait for a confirmatory close above 22360 to conclude a firm reversal. Until then expect the immediate trend the remain bearish with immediate support near 21830 followed by 21600. Traders are advised to remain selective while deploying any either side trades until the index continues its downward movement. Since the ongoing surge in volatility is expected to continue its ideal to keep leverage positions low or deploy adequate hedge until volatility cool down.

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