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Nifty

Last week Nifty showcased a strong price breakout, backed by fresh buying volumes that propelled it to a new all-time high of 25,433. It retraced its previous bearish price wave within 50% of its time, indicating a fresh impulsive wave in motion. With its daily ADX now trending above its 25 level the expectations of a further thrust towards 25810 during the week looks likely. Options data too indicates firm base shift at 25200 followed by 25000 while upside remains open towards 25800 followed by 26000. The latest occurrence of an ‘Engulfing Bullish’ pattern reiterates the base at 25000 to remain firm with demand zone at 25200-25000 itself. Since the index has managed to maintain its price action above its 5 WEMA support for 18 consecutive weeks, a change in trend if any will only be warranted incase the index registers a weekly close below 24860. Momentum longs to be retained until 24840 holds while positions need to be reviewed once the index trends above 25810 in the coming weeks.

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