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Nifty

Nifty witnessed profit booking as it faced resistance while approaching its 20 DEMA level around 22305. So far throughout theweekithasmaintained a higher bottom sequence on its daily scale & hence slippages below its previous day’s low at 22080 could result intoareversalin momentum. On the flip side a strong close above 22360 would gather further confidence in the ongoing trend. Sincebothitstrendstrength indicators are still displaying weakness with ADX trending higher at 29 level while RSI still lower belowits 50 level it’sbettertowait for a confirmatory close above 22360 to conclude a firm trending up move. Until then expect the immediate trend theremainbearishwith immediate support near 21830 followed by 21600 while resistance zone for the week is placed at 22300-22360. Traders areadvisedto remain selective while deploying any either side trades until the index continues its downward movement. Since the ongoingsurgeinvolatility is expected to continue its ideal to keep leverage positions low or deploy adequate hedge until volatility cools down.

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