On its daily scale the price continues to oscillate within the expected consolidation band of 22500-22100 range - Tradebulls Securities
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Nifty.
After the sequence of consecutive narrow ranged bodies Nifty50 index displayed a bearish candle with a close near its 5 DEMA support. On its daily scale the price continues to oscillate within the expected consolidation band of 22500-22100 range. Sustained price action above its CE OI cluster resistance around 22500 could push the index immediately towards this month anticipated price target zone around 22730. Options data indicates an expansion in range from 22500 towards 22800 on the higher side while base looks firm at 22300- 22200 itself. 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. Short term support base for the week could be raised to 22280 now while major trend continuation stoploss remains at 21130
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