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Nifty

‘The index concluded the April series on a strong note as it was able to close the weekly supply gap at 22520 on its final day. The possibility of an immediate decline below the weekly channel support zone of 21830 seems to be eliminated by a strong close above it. Occurrence of an ‘Inside Bar’ followed by an expansion of range also highlights the immediate support base to be firm around 22300 itself which also corresponds with the 20 DEMA support level. Options data at the beginning of the fresh series highlights the broad range 22000-23000 itself with 22500 being the key pivotal level. Its trend strength indicator RSI registered a fresh bullish crossover on its daily scale while ADX has declined below its 25 level. Both these development on its indicators is highlighting bullish momentum to continue in the coming days until the index holds above the 22300 immediate support base. Traders may continue to deploy selective long positions with a stop below 22190.

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