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Nifty

Nifty retained its trading action within its previous days trading range, forming a "Inside Bar" candlestick pattern that reinforced consolidation in the critical 24000–23800 support zone. The daily RSI quickly dipped towards 40, while the ADX has been rising over 28, and both of its trend strength indicators are steering with the price action and remain in their negative zone. The negative crossover zone of its 5 and 20 DEMA, or 24455, is now the immediate resistance level while the support zone remains at 24000-23800 itself. With no major price reversal formations on its larger degree timeframes yet there is a good possibility of a ranged bound oscillated move within the wider range of 23840-24450 zone throughout the week. The current major base stands around 23840 (5 MEMA Support) which coincides with options base around 24000 followed by 23800 which still remains an ideal zone for buying. Momentum investors need to keep adding long positions until the weekly closing basis level of 23990 holds, and traders can retain some long short positions until the index rests within this broad range of 23840-24550.

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