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Nifty

Sequence of narrow ranged bodies is a sign of loss in existing momentum strength. The recent ‘Hanging Man’ formation awaits confirmatorycloseforbearish implications to get activated. Option data is indicating 21000 to remain a strong hurdle for the current series but the bearish implicationswouldcome into play once the index slips below 20700. The ongoing sequence of narrow ranged candlestick formations has been holding well aboveits5DEMA support level of 20870 below which we could see an immediate profit booking pressure. Daily RSI is at 84 while its ADX is at 61; withbothitstrend strength indicators now trending within their respective overbought zone its ideal to remain cautious while building any further leverageonthelong side. The ongoing rally is expected to exhaust around 21040-21080 zone & hence it is advised to reduce long positions going forward&remainlight to renter at lower levels around 20300 (Gap Support). Aggressive shorts could be considered as well at this junction but leverage positionscanbeadded once on confirmatory close below 20710. 08/12/2023 RAMCOCEM, Trade Scanner: ACC, APOLLOHOSP, BAJAJ_AUTO, COFORGE, GODREJCP, INDHOTEL, IRCTC, MARICO , MGL, UBL. APOLLOTYR, AXISBANK, BHEL , CIPLA, SYNGENE.

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