Outlook still remains neutral to cautious as sector rotational move would attract further rise in volatility - Tradebulls Securities
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Nifty
During entire last week the Nifty index maintained its closing price action above its 5 DEMA support level of 22100 which remains an immediate demand zone. With both its trend strength indicators still diverging with RSI trending higher around its 62 level while ADX i s yet to cross its 20 level; their respective placement indicates lack of convict ion in directional strength Options data for the final week of the series shows an upward shift in bounds towards 22500 to 22000, with 22000 serving as the key pivotal support for keeping the bullish mode act ive. While on a technical basis, the index appea rs to be headed towards 22390 –22500 as long as it continues to maintain its close above 21920 (5 WEMA Support). But India VIX (Volatility /Fear Index) still remains confined within 16 level (its 200 WEMA level) & 14.70 (its 5 W EMA); this consolidation is a sign for traders to avoid leverage positions on either side & wait for a decisive range breakout to deploy directional positi ons. Outlook still remains neutral to cautious as sector rotational move would attract further rise in volatility
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