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15-09-2023 09:54 AM | Source: Tradebulls Securities
Nifty retained its strength to close above its previous days high with a modest gain - Tradebulls Securities

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Nifty

Nifty retained its strength to close above its previous days high with a modest gain. It also maintained its higher close sequence as it ended the day above its previous days swing close above the perfect ‘Inside Bar’ candlestick formation. Both its trend strength indicators trending well with the price action as RSI moves into the overbought zone at 72 while ADX has swiftly moved from 32 to 36 level since yesterday. The setup looks confident for a breakout outside the pattern high to extend its ongoing strength towards 20200-20280 zone immediately. 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 19850 while the up move eventually towards 20580 zone looks robust. 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 19620 & should be reviewed once the index trends within 20200-20580 zone



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