Technically, the index is holding well above the anticipated weekly cluster resistance zone around 19350-19450 - Tradebulls Securities Ltd
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Nifty
Yesterday again the index formed another Doji formation within its previous days price range & hence it qualifies as a consolidation pattern rather than a reversal. The recent sequence of upward gaps indicates the inherent trend strength while its oscillators remain diverging. Daily RSI is sustaining above its 50 level while ADX has now starting rising at 25 with its +Di rising above 29 which is a sign of revival in bullish strength. Options data for the current weekly expiry shows firm base at 19300 while 19500 has highest CE OI build up followed by 19800. Unwinding pressure above 19500 could set the momentum for an up move towards 19800 in the coming week itself. Technically, the index is holding well above the anticipated weekly cluster resistance zone around 19350-19450; further unwinding above 19500 could lead to short squeeze during the week. In the short term, expect the index to hold steady until 19140 is not breached, while an extended advance above the 19540–19600 range would bolster the upward trend further
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