IGI Logo

Nifty

Nifty started the march series on a strong note, overturning around five days of a negative trend in a single trading day. Given the lack of any significant event triggers for the upcoming week, the current momentum is expected to persist, eventually heading towards 22500 and possibly even reaching 22730. The breakout momentum is expected to remain intact until the index continues to trend higher above 21990 (20 DEMA). Options data at the beginning of the series indicates 22200-22500 as key bounds while highest OI cluster for both Puts & Calls is placed at 22000 which acts as a make-orbreak zone for ongoing bullish momentum. But since the India VIX (Volatility /Fear Index) still remains confined within 16 level (its 200 WEMA level) & 14.70 (its 5 WEMA); a consolidation breakout would be an early sign for traders deploy confident leverage positions on either side. Until then the outlook remains neutral to cautious as sector rotational move would attract further rise in volatility. While momentum stop for the short term may be placed below 21990.

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838