Nifty saw yet another day of profit booking near its life high zone - Tradebulls Securities Pvt Ltd
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Nifty
Nifty saw yet another day of profit booking near its life high zone. On the daily scale it has formed a ‘Doji’ candlestick formation indicating indecisiveness. It is still holding its close above the high impact trading candle zone of 04th June’24 with its high around 23180. This level now serves as an ideal level 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 diverging with ADX slipping below its 25 level; indicating lack of conviction. Weekly options data indicates confident writing base at 23000 while its upper bound holds firm at 23500 followed by 23800 for this week. Sustenance above 23350 would serve as a reassuring sign for trend momentum to continue 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.
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