Nifty retained its strength to close above its previous day`s high with a modest gain - Tradebulls Securities
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Nifty
Nifty retained its strength to close above its previous day’s high with a modest gain. It also maintained its higher close sequence as it ended the day above its previous days swing high. Both its trend strength indicators trending well with the price action as RSI moves into the overbought zone at 76 while ADX has swiftly moved from 36 to 43 level. With no sign of distortion in momentum strength as the stock rotation is expected to remain healthy momentum traders could shift their stops further higher to 19940 while the up move is expected to eventually extend towards 20580 zone. Leverage longs could be added only on declines while momentum longs to be reduced once the index starts trending above the 20200-20280 during this week itself. Major trend stop remains at 19740 & should be reviewed once the index trends within 20200-20580 zone.
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