Nifty slipped below 20980 after trending above its 5-DEMA support level for 28 sessions - Tradebulls Securities
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Nifty
Nifty slipped below 20980 after trending above its 5-DEMA support level for 28 sessions. On its daily scale it has formed two contradictory patterns within the ongoing consolidation viz. the recent an "Hanging Man" candlestick formation and yesterdays ‘’Pin Bar’’ candlestick which is a bullish indication. Both patterns need a confirmatory close outside its respective pattern range for unlocking its impeding either side move. Option data suggests that 21000-21100 will continue to be a formidable barrier for the coming week, but a decline below 20700 PE OI cluster support would have significant negative ramifications for the index. With its daily RSI indicated a negative crossover within its overbought zone, and its ADX is at 63, confirming the lack of strength that complements the ongoing unwinding pressure. Both these indicators support weakness. Hence it is advised to reduce longs /stay light of positions to renter at lower levels around 20340 (Gap Support) as the outcome of the FOMC meeting is quickly approaching. At this point, aggressive shorts might also be taken into consideration, but leverage positions can be added after a confirmatory close below 20710.
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