IGI Logo

Nifty

Profit booking pressure continued near the supply zone as the index declined further but managed to close above its 5 DEMA support level of 21730. From here on further drag towards its 5 WEMA support level of 21660 can be anticipated. Technically the price action is expected to remain oscillating within a broad range. It may gather directional momentum only above 22140 while support base looks elevated at 21440 below which we may witness a major corrective price action to unfold. Option data indicates confident bounds at 22200-21600 with a midpoint around 21900. Its trend strength indicators are diverging with RSI trending above 50 while ADX is quoting below its 19-zone displaying lack of conviction. For the week expect the index to remain oscillating within a broad range with resistance zone around 22240 zone while key support zone is now placed at 21600 followed by 21500

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838