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Nifty

Nifty saw yet another narrow-ranged candlestick formation near its life high zone. The sequence of Doji formations on its daily scale with signs of profit booking near its life high zone is a concerning sign which indicates indecisiveness & lack of confidence near life high zone. But it is still holding its close above the high impact trading candle zone of 04th June’24 with its high around 23180 which is a sign of hope for gradual up move to continue while a decisive breakout above 23560 could unlock momentum play. 23180 level now serves as an ideal level to gauge sustenance of ongoing bullish momentum. Weekly options data indicates confident writing base at 23000 while its upper bound holds firm at 23500 followed by 23800 for the coming week as well. Sustenance above 23360 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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