RSI trending higher around its 62 while ADX is yet to cross its 20 level - Tradebulls Securities
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebulls Securities Ltd.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Occurrence of yet another ‘Doji /Spinning Top’ formation near the upper end of the range warrants caution. But the ongoing trend strength may continue until the index trends above its 5DEMA support level which is placed around 21970. Both its trend strength indicators remain diverging with RSI trending higher around its 62 while ADX is yet to cross its 20 level. Their respective placement indicates lack of conviction in directional strength as of now. Option data highlights an immediate strong support zone at 22000 below which the range support is placed at 21800 while on the upside 22100-22200 itself has witnessed confident call writing action which stands as a cluster resistance. The data now indicates outer major wings placed at 22400 & 21800 itself for the final week of the series. With no sign of any change in directional play on its weekly scale; it is better to expect the ongoing oscillation to continue within the immediate range of 22140 to 21800 for the week. Outlook remains cautious until the index oscillates within this ongoing broad range with multiple resistance clusters around 22000-22140 level while key support zone is now placed at 21800 below which the major trend support stands at 21540 itself.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
![](https://portfolio.investmentguruindia.com/uploads/news/fintech57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/FMCG4.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Finance_Sinduja.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nayka22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Real estate sector_498.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/BCPL Railway Infrastructure.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nazara Tech.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Cotton Report.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/solar8.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indian Railways_54.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
Weekly option data indicates an immediate band of 24500-24200 itself - Tradebulls Securities
![Benchmark index is likely to trade volatile today. Index has support at 24100 - 24050 level - Monarch Networth Capital Ltd](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![Nifty opened with an upward gap and remained lacklustre within a narrow trading range throughout the day - Axis Securities Ltd](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![Bought Index Futures to the tune of 898.20 Cr - Axis Securities Ltd](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_88.jpg)
Quote on Today's fall in market from Dr. V K Vijayakumar, Chief Investment Strategist, Geoji...
![Opening Bell : Markets likely to get cautious start; manufacturing PMI data eyed](https://portfolio.investmentguruindia.com/uploads/news/Broker _19.jpg)
![Nifty has an immediate resistance placed at 19870 and on a decisive close above expect a rise to 19940-20000 levels - Nirmal Bang Ltd](https://portfolio.investmentguruindia.com/uploads/news/Nirmal bang.jpg)
![However if index crosses above 19735 level it would witness pullback rally which would take the index towards 19850-19900 - Jainam Share Consultants](https://portfolio.investmentguruindia.com/uploads/news/80363370cb42a1724d7fdbe285eecfab.jpg)